Ripple vs SEC: June 16 Could Finally Free XRP After 4-Year Legal Battle

Ripple’s legal dispute with the U.S. Securities and Exchange Commission appears to be nearing its final moments. After four and a half years of courtroom proceedings, June 16 is emerging as a potential judgment day for XRP.

On June 12, Ripple and the SEC mutually refiled a motion requesting an indicative opinion from Judge Analisa Torres. In the filing, the company requested the court reduce the financial punishment issued to Ripple to $50 million and lift a court injunction that bars Ripple from selling XRP tokens to institutional investors.

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It is not the first time both parties have tried to dismiss the case by means of a joint filing. Earlier in May, another such motion was denied by the court due to its procedural improperness. Judge Torres held that the motion was not made in accordance with the proper procedure of the law and did not prove the existence of the exceptional circumstances to warrant the application of Rule 60(b).

In the new filing, the legal department of Ripple reacted the next day and corrected the formal faults. The amended motion contains appropriate precedents and establishes the legal ground which is expected to deliver the relief. It is an indication of a collaboration between Ripple and SEC to end the protracted case amicably.

Crucial Deadline Forces Momentum Toward Final Settlement

The SEC must submit a status update to the U.S. Court of Appeals for the Second Circuit by June 16. The report must indicate whether both parties have settled, agreed to extend negotiations or intend to proceed with the appeal.

Legal expert Fred Rispoli, who previously predicted the timing of the joint motion, believes the recent filing is designed to influence the court’s response. By filing the motion in time before the deadline, Ripple and SEC can potentially cause the appeals court to voluntarily withhold further action for 60 time hours. This will enable Judge Torres to make her ruling without having to be hindered by the appeal process.

When the motion is granted, the parties are expected to feel compelled to drop their appeals voluntarily, thereby terminating the lawsuit. This would be the end of a high-profile court case that has affected the position of XRP in the market and its future regulation.

The refiling is now a reality, and the appeals court deadline is approaching; June 16 might be the day that ends the legal woes that have followed XRP for these years. These are the next few days for Ripple and the entire crypto community.

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