Filan thinks the SEC would ask the court to “stay the judgment” of a Ripple win pending the outcome of its appeal.
With the Ripple vs. SEC lawsuit approaching its end, XRP holders have been making inquiries about the possible scenarios that could play out if the blockchain company is declared the winner in the case.
In a tweet yesterday, an XRP enthusiast with the Twitter username @scaruso123 asked whether Judge Analisa Torres would immediately grant Ripple the approval to operate in the U.S. if the company “gets outright victory in the lawsuit.”
“If Ripple gets outright victory in lawsuit, & sec appeals to an appellate court, what happens in the interim? Does Ripple have the green light to operate in the U.S. until the final decision is made?” @scaruso123 asked.
It bears mentioning that following the lawsuit, U.S. crypto companies were forced to stop dealing with Ripple-related products due to fears that the SEC might come after them.
Responding to the question, top Ripple enthusiast and defense lawyer James K. Filan said in such a scenario; the SEC would likely ask Judge Torres not to enforce the ruling until its appeal to the Second Circuit is over.
Filan said the request that Judge Torres stay the judgment of a Ripple win would result in an epic legal battle between the parties. He added that it remains to be seen whether the court will agree to the Securities and Exchange Commission’s request.
The SEC will ask to stay the judgment pending it’s appeal to the Second Circuit. That means it will ask the court not to enforce the judgment until the appeal is over. That would be an epic battle between the parties and whether the court agrees to that remains to be seen.
— James K. Filan 🇺🇸🇮🇪 126k (beware of imposters) (@FilanLaw) December 21, 2022
Attorney Hogan Thinks Judge Torres Won’t Grant SEC’s Request
Meanwhile, attorney Jeremy Hogan, a partner at Hogan & Hogan law firm, reacted to Filan’s speculation that the SEC would ask Judge Torres not to enforce judgment immediately.
Attorney Hogan does not think Judge Torres would grant the Securities and Exchange Commission’s request to stay the judgment. The partner at Hogan & Hogan law firm said if the Judge rules that Ripple did not violate section 5 of the Securities Act of 1933, there would be no need to stay the judgment.
“If she rules simply that there was absolutely no Sec. 5 violation, what is there to “stay” other than the typical post-judgment motions on costs, etc.?” attorney Hogan tweeted.
Meanwhile, Ripple and the SEC have filed their respective summary judgment motions, opposition, and replies, with each party asking Judge Torres to rule in its favor. According to Hogan and Filan, Judge Torres will rule on the case on or before March 31, 2023.