Ripple vs SEC: Why June 16 Could Be a Game-Changer for XRP

Ripple vs SEC Battle Heats Up as Key June 16 Court Deadline Approaches

Ripple vs SEC – Legal attorney and XRP supporter Bill Morgan highlights an important upcoming date in the ongoing Ripple-SEC lawsuit: June 16, the deadline for the SEC to file a status report with the U.S. Court of Appeals. This 60-day window follows the recent dismissal of a procedural motion two weeks ago, signaling possible significant developments soon.

Morgan stated, “I was expecting some filing in the SEC v. Ripple case, especially given that the 60-day period before the SEC is required to file a status report with the Court of Appeals expires on 16 June.” The SEC’s status report will update the court on any progress or changes since the last ruling.

Judge Torres Denies Motions, Stakes Next Steps

Recall that Judge Torres previously denied both parties’ motions for an indicative ruling, labeling them “procedurally improper.” This ruling means the court has yet to decide whether to lift the injunction that freezes approximately $50 million in escrow funds related to the case.

The next critical phase will see Judge Torres issuing an indicative ruling on whether to dissolve this injunction. If granted, the funds would be split—$50 million to the SEC, and the remainder returned to Ripple. This ruling will determine whether the case advances toward resolution or continues its appellate journey.

Unexpected Filing Adds Drama Ahead of June Deadline

In a surprising twist, Morgan noted an unusual filing amid expected procedural documents: a detailed, multi-page critique targeting the Howey test and its interpretation in court over the past 90 years, as well as the SEC itself. “I was not expecting this filing,” Morgan admitted, emphasizing that while this filing may not affect the legal outcome, it underscores the heightened emotions surrounding the case.

What Happens After the Indicative Ruling?

Should Judge Torres issue the indicative ruling, both the SEC and Ripple plan to request a limited remand from the Second Circuit Court of Appeals. This would send the case back to Judge Torres for the specific relief sought.

Once the injunction is lifted and escrow funds allocated, the SEC and Ripple are expected to jointly petition the Court of Appeals to dismiss both the SEC’s appeal and Ripple’s cross-appeal, potentially concluding this landmark lawsuit.

Ripple vs SEC: Watch This Space

The Ripple-SEC case remains one of the most closely watched legal battles in the crypto world, with implications for XRP’s regulatory status and broader cryptocurrency regulations in the U.S. The looming June 16 deadline could prove pivotal, setting the stage for the lawsuit’s next chapter.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.