According to legal attorney and XRP enthusiast Bill Morgan, a key date in the Ripple-SEC case may be approaching: June 16, when the SEC’s 60-day deadline to file a status report with the Court of Appeals expires.
“I was expecting some filing in the SEC v. Ripple case, especially given that the 60-day period before the SEC is required to file a status report with the Court of Appeals expires on 16 June,” Morgan wrote, referencing the most recent dismissed motion just two weeks ago.
It should be recalled that Judge Torres denied both parties’ motion for an indicative ruling, citing it as “procedurally improper.”
The June 16 deadline is significant because it marks the end of the 60-day window during which the SEC must update the Court of Appeals regarding new developments in the case.
In another twist, while procedural filings were anticipated, Morgan highlighted an unexpected filing in the lawsuit: “An individuals multi-page rant against the Howey test, its interpretation by the courts, particularly in relation to the term investment contract and against the SEC covering a period of 90 years.” Morgan remarked, “I was not expecting this filing.”
This filing, while likely irrelevant to the case’s outcome, highlights the emotionally charged atmosphere ahead of the next steps in the landmark lawsuit.
What’s next?
Weeks ago, Judge Torres refused the parties’ motion for an indicative ruling. On what comes next in the lawsuit, Judge Torres must provide an indicative ruling as to whether the court would dissolve the injunction and release the escrow, with $50 million going to the SEC and the balance returning to Ripple.
You Might Also Like
If Judge Torres provides the indicative ruling, the SEC and Ripple will ask the Second Circuit for a limited remand back to Judge Torres to request the relief, and if the remand is granted, the SEC and Ripple will file a motion with Judge Torres seeking the relief.
After the injunction is dissolved and the funds distributed, the SEC and Ripple will request the Court of Appeals to dismiss the SEC’s appeal and Ripple’s cross-appeal in a final move.