XRP Lawsuit Update: Is Another 60-Day Extension Coming? | CoinGape

Question

Despite a near-end conclusion on the XRP Lawsuit, Ripple and the US SEC will be heading for court, as a key deadline is approaching. With the June 16 deadline for the SEC to submit its official status report regarding the ongoing Ripple vs SEC lawsuit to the 2nd circuit Court, investors are awaiting positive results. This report will update the court and the investors on whether the legal battle will continue or end. However, expert opinions hint at the possibility of a further 60-day delay if Ripple files the Rule 60 motion.

XRP Lawsuit Expert Predicts 60-Day Extension if Ripple Files Rule 60 Motion

Crypto lawyer Fred Rispoli, in an X post, bet on the new updates coming in the XRP lawsuit before the June 16 deadline. He claims that Ripple might file a new motion under the Federal Rule of Civil Procedure 60 before the June 16 deadline.

He alleged that, if they don’t, there would be no good news for Ripple and the SEC to tell in their 2nd Circuit in their 6/16 status report. And if they file, it will give them another 60-day extension to present another status report.

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Interestingly, the Ripple vs SEC lawsuit filings show that Judge Analisa Torres suggested this motion filing after she denied a similar motion. i.e., Rule 62.1 on May 15, in which they requested her to lift the injunction preventing Ripple’s unlawful offer and sale of securities.

Additionally, to reduce the civil penalty from $125M to just $50M However, there’s also a possibility that Judge Toress might reject this Rule 60 Motion.

‘Judge Torres Has Nothing To Rule on,’ Claims Former SEC Lawyer

Past the Judge Torres May 15 rejection of joint motion, calling it “procedurally improper,” the crypto community is dumbfounded and consistently in confusion. Amid this the investors have asked the former SEC attorney Marc Fagel on the potential updates on XRP lawsuit, and on what side the Judge will rule on, to which he replies that the ‘There is nothing pending before Judge Toress for her to rule on,’ leaving investors in much more confusion.

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Earlier, some experts even predicted that the Ripple vs SEC lawsuit would end on June 13, even before the June 16 deadline, claiming that both parties had come to an agreement.

Due to missing updates on the situation, it is uncertain what’s coming next. The uncertainty has become a concern for the XRP price performance and spot ETF approval odds.

Frequently Asked Questions (FAQs)

What’s on June 16?

The SEC must submit a status report to the 2nd circuit Court by June 16, which could determine whether the lawsuit will continue, be delayed, or end.

What will happen if Ripple files for a Rule 60 Motion?

If Ripple files for a Rule 60 motion, it may trigger a 60-day extension in the legal process, allowing them more time for better developments.

What will happen if the Ripple does not file?

Experts believe that if Ripple doesn't file, there will be no substantial updates for the June 16 report, leaving the case unresolved.

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