It has been 20 days since Judge Analisa Torres denied both Ripple and the SEC’s joint request for an indicative ruling in their ongoing legal battle. The court ruled that the motion was procedurally improper, as both parties did not follow the proper legal procedure when filing the request.
The judge made it clear that if jurisdiction were restored to her court, she would reject the request as it stands. This means that Ripple and the SEC used the wrong rule of civil procedure to file the motion. The next logical step would be for both parties to refile the request correctly under the appropriate rule. However, as of now, neither side has done so.
Attorney Fred Rispoli noted the delay in refiling the motion, as a crucial deadline is approaching. On June 16, both parties are required to file a status update with the U.S. Court of Appeals for the Second Circuit. Whether or not a new motion is pending in Judge Torres’ court by then will have a significant impact on the next steps in the legal proceedings.
If no new filing is made before Judge Torres by June 16, the Second Circuit will only have the judge’s previous denial to consider. This would likely result in the appeals process restarting and proceeding as scheduled. However, if a properly filed motion is submitted to Judge Torres by the deadline, the Second Circuit may pause proceedings for another 60 days to see how things unfold.
Many in the XRP community are wondering why there is a delay in refiling the motion. Judge Torres essentially instructed both Ripple and the SEC to correct their filing mistake and resubmit their request for relief. Attorney Rispoli emphasized the need for both parties to cooperate and make a humble request for the relief they seek.
While Ripple may be willing to comply with the court’s instructions to move past the legal battle, it remains unclear how much the SEC is willing to backtrack or grovel for relief. With just 12 days left before the June 16 deadline, time is running out for both parties to take the necessary steps.
In the midst of the confusion, there has been speculation about whether the SEC will drop its appeal altogether and leave Ripple to deal with its cross-appeal. Rispoli clarified that the SEC has already dropped its main appeal, leaving Ripple’s cross-appeal to address issues such as fines and injunctions.
As the legal drama continues to unfold, it is crucial for both Ripple and the SEC to address the court’s instructions promptly and work towards resolving their differences in a timely manner. The XRP community eagerly awaits the next steps in this high-profile case.