It has been over two years and 120 days since the Securities and Exchange Commission (SEC) filed a landmark enforcement action against Ripple Labs, and legal experts are predicting that a decision is imminent. The case has been a focal point for the crypto industry, with the ruling expected to have a significant impact on global trade and finance.
The pressure on United States Southern District Court of New York judge Analisa Torres is at an all-time high. Attorney John E. Deaton believes that Torres has never felt such pressure before, commending the enormity of the decision she faces. Deaton added that Torres is taking her time with the ruling and weighing every word, knowing that any decision will be scrutinized by all.
As previously reported, attorneys John Deaton and James K. Filan have speculated that a ruling could be expected no later than the end of April, based on previous rulings by Judge Torres. With the end of April approaching, Ashley Prosper, an XRP community member who has recently made headlines with a Freedom of Information Act (FOIA) request to the SEC about its entanglements with JP Morgan, suggests that next week will be “a very interesting week.” Prosper believes that with Torres taking 52 days to decide on Daubert motions, the summary judgment ruling will be just around the corner.
The SEC’s enforcement action against Ripple has caused a rift between several institutions, including the Commodity Futures Trading Commission (CFTC), Congress, and the crypto industry. The outcome of the Ripple case will have a significant impact on the market and on whether XRP is deemed a security. Many within the XRP community have expressed their belief that XRP is not a security, and a ruling in favor of Ripple would be seen as confirmation of this belief.
The XRP price has been relatively steady over the past week, hovering around the $0.47 level. It lost key support at $0.4939 yesterday, and a price recovery is needed to stop the downtrend. With the outcome of the SEC’s enforcement action against Ripple expected imminently, investors will be keeping a close eye on the XRP price and the wider crypto market.
In conclusion, the pending ruling on the SEC’s enforcement action against Ripple is one of the most significant decisions in modern financial history. Judge Torres is under immense pressure to make the right decision, which will have far-reaching implications for the crypto industry and global finance. The outcome of this case could finally provide clarity on whether XRP is a security, and the XRP price is likely to be volatile in the coming days and weeks as traders anticipate the verdict.
