The case between Ripple Labs and the SEC continues to attract attention from the crypto community. Bill Morgan, a legal expert and XRP enthusiast, shares his insights on the current state of affairs.
Overview of Current Situation
The crypto community is awaiting new developments in the Ripple Labs vs. U.S. Securities and Exchange Commission (SEC) case. Last week, the parties filed a joint motion to renew their request for an indicative ruling after Judge Torres denied an earlier motion.
Prospects for Ruling
Bill Morgan noted that the anticipated indicative ruling would address whether there are exceptional circumstances that would allow the court to reduce the penalty and dissolve the injunction. After obtaining this ruling, the parties intend to appeal to the Second Circuit for a limited remand back to Judge Torres for relief.
Significance of Court Ruling for Ripple and SEC
Morgan emphasized that both parties have agreed that the July 2023 summary judgment ruling will remain in effect. This ruling has been a pivotal point in the case and will not be vacated or modified.
Thus, expectations for the indicative ruling accumulate, and the subsequent actions of the parties will depend on its outcomes.
