Bitrabo Editorial
Attorney Fred Rispoli, a supporter of XRP and founder of HODL Law, has shared his insights on the ongoing Ripple vs. SEC case. Rispoli highlighted Ripple’s Notice of Supplemental Authority related to the recent Binance ruling by the US District Court for the District of Columbia.
The Binance case decision challenged the SEC’s ability to prove that secondary market transactions of BNB tokens were securities transactions. This ruling has significant implications for Ripple’s legal battle as it draws parallels to their situation.
Potential Ripple-SEC Verdict Coming Soon
Rispoli, in a recent post, hinted at a potential timeline for the verdict in the SEC vs. Ripple case following Ripple’s filing regarding the Binance decision. He emphasized the similarities between the two cases in terms of securities transactions.
Ripple has argued that transactions involving XRP tokens on secondary markets do not align with US law’s definition of securities transactions, using the “Howey Test” as a legal basis for their defense.
When discussing the timing of the ruling with Crypto Moon Amsterdam, Rispoli suggested a target date, mentioning July 13, or possibly July 31, for the verdict, indicating a significant date in the case’s history.
The lawsuit has transitioned from debating XRP’s security status to addressing the financial penalties Ripple could face, with the SEC initially seeking $2 billion in penalties, which has been significantly reduced to $102 million after legal proceedings.
Rispoli also mentioned the possibility of a pre-judgment settlement, though he believes it is unlikely, proposing scenarios for potential penalties and outcomes for Ripple post-verdict.
Despite these developments, the XRP price remained stable, reflecting broader market trends with a slight decrease of -2.6% in the last 24 hours, accompanied by increased trading volume.
Currently, XRP is trading at $0.4764.