Ripple vs. SEC: Lawyer Spotlights Major Deadline in XRP Lawsuit

Following the ongoing conflict between Ripple and the SEC, attorney Fred Rispoli is questioning why it’s been 20 days since Judge Analisa Torres denied their joint motion, and still no new filing has been made by either side. The clock is ticking, with a June 16 deadline quickly approaching that could change the course of the lawsuit.

On May 15, Judge Torres turned down a joint request from both parties for an indicative ruling that would have approved a proposed deal that reduced Ripple’s penalty to $50 million and lifted the injunction on its operations. 

However, the judge said both parties filed the request under the wrong rule. She said that if jurisdiction came back to her court, she’d still deny it. Since then, Ripple and SEC have been silent and still yet to refill a corrected motion. 

“20 days later, no refile yet by SEC and Ripple in district court and the June 16 deadline for the status update in the 2nd Circuit looms large,” Fred Rispoli posted on X

Lawyer questions the 20-day delay | Source: X

According to Rispoli, this date is important. If there’s no new motion on Judge Torres’s desk by June 16, the Second Circuit will move forward based on her original rejection. This means the appeal process could restart completely. But if a valid motion is pending before her, the court might delay the case for another 60 days.

“The message by Torres was clear that both parties need to beg for forgiveness,” Rispoli said. “Ripple will say whatever to get it done, but how much public groveling is the SEC willing to do?”

Now, because of the delay, lots are speculating that there might be a reason behind it. In a tweet, Brett Crypto, an XRP advocate, posted a claim on his page that that case has been settled behind closed doors.

Rumor claims Ripple, SEC, and Judge Torres may have reached a deal | Source: X

“Hearing SEC, Ripple & Judge Torres have finally reached an agreement. Word is Ripple came out on top.” However, these are just rumors since no official confirmation of it.