The post Ripple vs SEC Lawsuit: Will June 16 Change Everything? appeared first on Coinpedia Fintech News
The clock is ticking in the ongoing legal battle between Ripple and the SEC. With just a few days left until June 16, before the SEC must respond to the Appeal Court, all eyes are on what happens next.
Bill Morgan shared in a recent X post that if nothing happens by then, the appeal and Ripple’s cross-appeal will move forward and Ripple will have to submit its next legal briefing. However, if a new motion is pending before Judge Torres, it could push the proceedings out by another 60 days.
June 16- Not The Settlement Date!
Rumors on social media are rife that the Ripple vs. SEC lawsuit will end on June 16, but that’s not true. Fred Rispoli clarified that June 16 is actually a deadline for the parties to give a status update to the U.S. Court of Appeals, and not the day the case will be decided.
This comes after Judge Analisa Torres rejected Ripple and the SEC’s settlement attempt. Attorney Fred Rispoli noted that it has been 20 days since Judge Torres rejected it and neither side has refiled. With the June 16 deadline for a status update nearing, Fred expects a new motion to be submitted soon.
He says that both Ripple and the SEC need to make amends if they want approval. Ripple is likely ready to comply, but the big question is: how far is the SEC willing to go publicly?
Legal Battle Could Drag on for 2 More Months?
Ripple vs. SEC could drag on another two months, says Bill Morgan. Some claim that a $50M fine and injunction lift are agreed but not yet resubmitted. But so far, there has been no official proof of a settlement and all these rumors remain unverified.
XRP Price Dips Amid Legal Drama
The June 16 update could boost XRP’s price. If the legal filings happen as expected in both the district and appeals courts, it could help push XRP’s price back up to around $2.50. XRP is currently trading at $2.25, down 2.2% in the last 24 hours.
For XRP to recover, a favorable ruling on settlement terms is key, as it could lead Ripple to drop its cross-appeal and the SEC to withdraw its appeal over programmatic sales. In the near term, XRP’s price will likely depend on updates from the court and any news about a spot ETF.