Here are the Possible Reasons Behind the Ripple vs SEC Delayed Ruling
The Ripple vs SEC case has been going on since December 2020. During this period, there have been several back-and-forths between the two entities that have weighed heavily on the crypto community. The SEC filed a lawsuit against the blockchain giant for allegedly violating federal security laws.
Even though Ripple had a partial victory after Judge Torres ruled that XRP is not a security under federal laws, the overall settlement of the case is still not in sight. This has caused frustration across the XRP community as members continue to wait for a final ruling. Notably, the price of XRP has been impacted by several outcomes of the case since it started. As the frustration grows, a prominent figure in the crypto community has shared insight into the possible reasons behind the delay.
Possible Factors Behind the Delay
Dizer Capital founder and crypto enthusiast, Yassin Mobarak, took to X (formerly Twitter), to voice his concerns about the prolonged conclusion in the remedies phase of the Ripple vs. SEC saga. Mobarak pointed out in the post that most legal items in the case have already been addressed and therefore the remedy ruling shouldn’t take this long. He described the situation as “strange.”
Mobarak’s concern is just one of the millions of global XRP community members who have been waiting patiently for a ruling. His comments reflect the growing impatience of community members who also believe a ruling should have been given by now.
Responding to this, popular pro-XRP attorney, Fred Rispoli dropped a comment suggesting the possible reasons behind the frustrating delay. First of all, he admitted that the ruling shouldn’t take this long. Moreover, he opined that benign factors, such as vacations, huge case logs, and potentially ominous ones may be attributed to the elongated wait.
“It’s fairly obvious by now that Torres and Netburn spoke about the expert issue still pending before Netburn and that it will be irrelevant to Torres’ ruling,” Rispoli added.
Meanwhile, there have been rumors circulating about a possible settlement on the horizon, especially after the recent closed-door meeting by the Securities and Exchange Commission. However, the claims hold no water as several experts have dismissed them, saying that the meeting held by the SEC has no relation to the case and that a settlement is not likely to come soon. In fact, Rispoli even warned of a new possible lawsuit from the SEC targetting the coming Ripple stablecoin (RLUSD).
Notably, while the case is still ongoing, the price of XRP jumped at the time of writing. According to CoinMarketCap data, XRP traded at $0.595, representing a 17.07% increase.
The post Here are the Possible Reasons Behind the Ripple vs SEC Delayed Ruling appeared first on Coinfomania.
