Prominent pro-XRP lawyer Fred Rispoli issues two speculative timelines for when Judge Analisa Torres might issue the final judgment in the legal tussle between the SEC and Ripple.
In a recent X post, Attorney Rispoli forecasted that Judge Torres could issue the ruling this month, specifically on July 31. He also projected that the ruling might come on July 13 ‘to be poetic.’
July 31, although I could see her doing July 13 to be poetic.
— Fred Rispoli (@freddyriz) July 2, 2024
Rispoli’s estimation suggests that while July 31 is the more likely date for the final verdict, July 13 has a poetic significance that could motivate Judge Torres to issue the decision earlier than anticipated.
Significance of July 13th
It is noteworthy that July 13 is a remarkable day within the XRP community. It marks the date Judge Analisa Torres issued the long-awaited summary judgment decision.
In the decision, the court held that XRP in itself is not a security, and that Ripple did not violate federal securities laws through its programmatic sales and other distributions.
Nonetheless, the SEC won the issue on institutional sales of XRP, which the court found to be a violation of Section 5 of the Securities Act.
Current Status of the Lawsuit
This violation is currently under litigation in the remedies phase of the lawsuit. While the SEC requested a $1.95 billion fine and permanent injunction following Ripple’s violation, the company does not want the penalty to exceed $10 million.
The parties concluded the submission of the remedies-related briefs in May. However, Ripple has filed two notices of supplemental authority, leveraging the Binance and Terra decisions to argue against harsh penalties. The appropriate penalty that Judge Torres could impose against Ripple over its institutional sales of XRP remains uncertain.
Other Experts Eye July for Final Ruling
Besides Attorney Rispoli, famous crypto entrepreneur and founder of Dizer Capital Yassin Mobarak also projected that Judge Torres could issue the final judgment this month.
Mobarak acknowledged that July has been a month for big decisions in the lawsuit over the past two years. First, he stated that one of Ripple’s judges called out the SEC’s hypocrisy in July 2022 during the legal tussle over William Hinman’s emails. Additionally, he mentioned that Judge Torres issued the summary judgment decision in July 2023. He stated that both decisions came at a time when he was on an overseas vacation.
Interestingly, Mobarak disclosed that he will embark on another vacation next week. This suggests that the court might issue the final verdict based on the coincidence between his previous vacation plans and the timing of other significant XRP decisions.
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