Will The Ruling Come By This Unexpected Day?
Speculation and rumors about when a ruling will come in the legal battle between Ripple Labs and the US Securities and Exchange Commission (SEC) are currently picking up steam again. For a long time, the end of April was considered the most likely date when the judge of the US District Court of the Southern District of New York, Analisa Torres, will issue a ruling.
Several lawyers from the XRP community favored that date because it would have fit Torres’ previous rulings in other cases. In addition, the judge needed 52 days to rule on the Daubert motions. If she had again taken 52 days to issue the summary judgment, she would have had to publish the ruling on April 27.
No Ruling For Ripple Until Summer 2024?
However, all rumors and speculations have so far proven to be false. A new rumor suggests that Torres might not make a decision until summer or the end of summer 2024.
Popular XRP community member Mr. Huber (@Leerzeit) stated via Twitter that he had heard a rumor. It says that Judge Torres will not make a ruling this year, but only after her summer vacation in 2024. In addition, Mr. Huber speculates about two secret meetings between Ripple and the SEC:
Just hearing rumors that Torres will release the ruling after her 2024 summer vacation and two secret meetings with Ripple and the SEC. Can anyone confirm this?
There are no serious opinions to be found in the comments to the tweet. Huber writes that he got the alleged information from an anonymous source, which he does not name. In addition, Huber does not provide any information about the reasons for the meetings between Ripple and the SEC, especially whether it is about a possible settlement.
What is also questionable is why it should already be known a year in advance when the ruling will be made in the litigation. As is well known, the discovery phase has been completed for over two months now. Since then, Judge Torres has recused herself to render a judgment.
Remarkably, the rumor also contradicts all previous speculation and statements from Ripple and its executives. CEO Brad Garlinghouse said in January during the World Economic Forum in Davos that he expected a decision “sometime in the coming single-digit months,” possibly by June.
Chief Legal Officer (CLO) of Ripple, Stuart Alderoty, has also repeatedly stated in the past that he expects a ruling in the coming months, but certainly this year.
It’s also worth noting that anticipation for the final ruling in the legal battle between the SEC and Ripple has reached a fever pitch. Just last week, an unconfirmed rumor surfaced that Ripple and the SEC are meeting in secret today, May 8.
As Bitcoinist reported, XRP community attorney John E. Deaton dismissed the likelihood of such a meeting as slim. In his opinion, it’s inconceivable that Ripple and the SEC would schedule a meeting a week prior to the announcement if they can meet anytime.
At press time, the XRP price stood at $0.4344, breaking below the support at $0.44 for the first time since the end of March.
Featured image from Yahoo Finance, chart from TradingView.com
