Well known in XRP enthusiast circles, attorney Fred Rispoli was asked when he expects the SEC's case against Ripple, which has such a significant impact on the populist cryptocurrency, to be resolved. Rispoli, in turn, gave a specific answer, giving not one, but two dates.
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The legal expert said that he expects the verdict in the case, which has been dragging on for more than three years, on the last day of this July. It would be more poetic, however, if the verdict in the SEC's case against Ripple were to come down on July 13, according to Rispoli.
This date is important in the context of last year's ruling, when Judge Torres finally recognized XRP as a nonsecurity. Back then, the price of cryptocurrency even skyrocketed 100% in just hours.
July 31, although I could see her doing July 13 to be poetic.
— Fred Rispoli (@freddyriz) July 2, 2024
What's going on now?
Recall that at this point, the parties are arguing over the amount of damages. The point is that Ripple took a hit in the form of sales to XRP institutions being recognized as unregistered sales of securities and now has to pay these very remedies.
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However, the size of the disgorgement is the reason for a major lawsuit, with the SEC asking for billions of dollars and the crypto company willing to settle for no more than $10 million. Despite the ongoing legal battle, Ripple remains steadfast in its defense, arguing that the SEC's demands are disproportionate and lack merit.