Ripple and the SEC are holding off further appeals as both parties await an indicative ruling from Judge Torres in the ongoing Ripple lawsuit.
As the US Securities and Exchange Commission (SEC) and Ripple decide to hold off further appeal in the ongoing XRP lawsuit, popular lawyer Bill Morgan weighs in on what’s coming next in this lawsuit. He added that if both parties agree on an indicative ruling, this matter will conclude in the next few weeks.
The lawyer shared that the legal teams for both Ripple and the SEC have asked for an indicative ruling from Judge Torres as part of their second joint motion. This ruling will guide both parties in initiating the next steps in resolving the case.
Ripple Lawsuit Progresses if Both Parties Get an Indicative Ruling
If the indicative ruling is granted, both parties will file a motion with the Court of Appeals, seeking a limited remand. This remand would allow Judge Torres to grant the relief agreed upon by the parties, a crucial step toward finalizing the dispute, noted Bill Morgan.
Upon receiving the limited remand, the parties plan to file a motion with Judge Torres to implement the agreed-upon relief. This includes dissolving the existing injunction in the Ripple lawsuit and imposing a reduced fine of $50 million.
Following the fulfillment of these conditions, the parties will jointly request the Second Circuit Court to dismiss both the Appeal and the Cross-Appeal. This will be a significant step toward concluding the Ripple lawsuit.
SEC Opens Public Comment for CBOE’s Spot XRP ETF Approval
After a prior delay, the SEC has officially opened the public comment period for CBOE’s proposal to list an XRP spot ETF by Franklin Templeton Investments.
The SEC is inviting feedback from the public on whether the proposal should be approved or denied. This step follows the regulatory body’s extended review, as per the June 17 announcement.
Stakeholders and interested parties have until late July to submit their comments and rebuttals. Earlier in June, the approval odds of spot XRP ETF touched a massive 98% on decentralized prediction market Polymarket.
Despite these developments, XRP XRP $2.13 24h volatility: 1.2% Market cap: $129.15 B Vol. 24h: $4.84 B price has been under selling pressure amid the broader market sell-off. As of press time, XRP is trading 3.69% down at $2.15 with daily trading volumes plunging more than 37% to $3.28 billion.
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