XRP Lawsuit: Critical Deadline Looms, Ripple and SEC Face Judge’s Ire

The Ripple-SEC lawsuit faces a crucial deadline. A joint motion to amend the final judgment, initially denied by Judge Analisa Torres due to procedural flaws, remains unfiled. With a June 16 status update in the Second Circuit Court of Appeals approaching, the lack of a refiled motion could force the appeals court to restart the briefing process on unresolved issues, significantly delaying a resolution. Legal experts like Fred Rispoli highlight the procedural misstep, emphasizing the need for Ripple and the SEC to demonstrate a strong justification for amending the judgment. The delay sparks speculation about the SEC’s willingness to “grovel” for a favorable outcome under its new leadership and amidst ongoing crypto legislative developments. While the possibility of settlement or dropping the appeal exists, vacating the injunction requires a robust legal argument beyond simply citing new administration policies. James Farrell clarifies that a settlement doesn’t require Judge Torres’s permission, but vacating the injunction does. The June 16 deadline is critical; failure to refile before then could lead to a protracted appellate battle, further prolonging uncertainty for XRP and its investors. The situation underscores the high bar for amending a final judgment, particularly when both parties seek the same outcome. The outcome will hinge on whether Judge Torres is convinced by the arguments presented, highlighting the significant legal and political implications of this ongoing case. At press time, XRP was trading at $2.19.

(Source: https://bitcoinist.com/xrp-lawsuit-critical-deadline/)