The legal battle between Ripple and the SEC is no doubt one of the biggest lawsuits in the crypto industry. Having run for almost four years, the final outcome is still yet to be decided. The saga started in December 2020 when the regulatory agency accused the blockchain firm of issuing unregistered securities in XRP to both retail and institutional investors.
The lawsuit has reached several pivotal moments over the years, including a court ruling in July 2023 that declared XRP in itself, as non-security. Also, the same court ruled that the institutional sales of XRP constitute a security. While both parties have filed an appeal to challenge certain aspects of the court’s decision, the case is now preparing to enter a new phase.
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Court Approves Motion to Speed Up Judgement
In a recent development, the United States District Court for the Northern District of California has amended a November 12 decision, setting grounds for faster resolution. According to the court filing, both parties have agreed that there is no reason to delay the entry of the final judgment following the resolution of most class claims.
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“The Court finds, based on the record and for the reasons provided by the Parties in their Joint Motion for Entry of Final Judgment and to Stay (ECF No. 437), that there is no just reason to delay entry of judgment pursuant to Rule 54(b) of the Federal Rules of Civil Procedure as to Plaintiff’s class claims that were resolved in defendants favor,” the document reads.
Moreover, to allay concerns regarding the case’s finality, the court also approved Ripple’s request for an amended judgment. Even though the judgment continues, one relief claim against Ripple is still pending the final resolution of all outcomes of all appeal procedures. Ultimately, both parties are expected to file a joint motion to lift the stay after resolving the appeal.
“Within 30 days after final resolution of the appeal of the class claims, the parties shall file a joint motion to lift the stay on the docket in this case,” the filing reads.
Would the Case be Dismissed?
Meanwhile, several industry key figures have commented on the prolonged lawsuit, stressing that the case could be dismissed especially as the SEC is preparing to change head. The most recent comment came from former CFTC chairman, Chris Giancarlo.
In a recent interview on Fox Business, Giancarlo says he believes the SEC would dismiss the case against Ripple once Donald Trump’s administration takes office on January 20, 2025. Moreover, he advised regulatory agencies to drop all crypto cases that have already been lost in trial court to ease innovative growth.
The next major point of the lawsuit will be on January 15, when the SEC will present its opening brief as ordered by the court. At the time of writing, the price of XRP is up by 2.01% in the last 24 hours, trading at $1.4. Moreover, XRP remains 29.51% over the last week, and 178.52% up in the last 30 days.
Read Also: Ripple vs. SEC: XRP Could Rocket to $10 Soon Following an Emergency Settlement, Crypto CEO Predicts
Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications such as Coinfomania and Crypto News Guru, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.