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Since December 2020, the Securities and Exchange Commission (SEC) has been suing Ripple, and they are just months away from winning the case. Everyone has been on edge because of this lawsuit for some time. Also, it is anticipated to establish a very significant precedent for the American cryptocurrency market.
The lawsuit’s final decision was supposed to be issued by the end of March. Now, though, it appears that we might not obtain the outcome so quickly.
Deaton Says the Final Ruling Could Take Two Months
Attorney John Deaton, founder of CryptoLaw and an Amicus Curiae for thousands of XRP holders in the lawsuit, stated in a series of tweets that Judge Torres could issue her judgement at any time or it could take two months.
Judge Torres could possibly file her decision at any moment (or it could be 2 months longer). The point is: this isn’t a decision from a federal district court or even an appellate circuit court. This is a U.S. Supreme Court decision decided on February 28, 2023 – 4 days ago.
— John E Deaton (@JohnEDeaton1) March 3, 2023
This information was provided in response to Ripple’s most recent filing in the more than two-year-old legal dispute. According to today’s news, Ripple has sent a supplemental letter in support of its fair notice defence, citing a recent U.S. Supreme Court decision.
Deaton added that Judge Analisa Torres could render her decision at any time or it could take two months longer, adding that the most recent filing was required since the new finding may have consequences for the Ripple case and enhance its fair notice defence.
Stuart Alderoty, general counsel of Ripple, also said that the decision might be rendered soon. Yet he made a suggestion that a choice might be made as soon as the month’s end. Although a specific date for Judge Analisa Torres’ decision is not yet known, Ripple executives typically anticipate it will occur in the first part of the year.
Possible outcomes of the ruling
There are three potential outcomes for the litigation, according to a recent interview with Ripple’s general counsel Stuart Alderoty. One possibility for the court is to support Ripple; a second is to rule in favour of the SEC; and a third is to rule that there are contested facts and that the case needs to go to trial. According to the Ripple Counsel, if the SEC won, Ripple would file an appeal.