Ripple vs. SEC: The Dramatic Countdown to June 16!

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In the grand theater of legal battles, where the stakes are as high as a Russian winter, our dear legal attorney and XRP aficionado, Bill Morgan, has whispered of an impending date that may very well alter the course of this riveting saga: June 16. This, my friends, is when the SEC’s 60-day deadline to file a status report with the Court of Appeals reaches its dramatic climax. 🎭

“I was rather expecting some filing in the SEC v. Ripple case, especially considering the ticking clock of the 60-day period before the SEC must present its status report to the Court of Appeals, which expires on the 16th of June,” Morgan mused, reflecting on the recent dismissal of a motion just a fortnight ago. Ah, the sweet scent of legal anticipation! 🕰️

“I was expecting some filing in the SEC v Ripple case given what happened to the last motion that was dismissed two weeks ago, especially given that the 60-day period which the parties have before the SEC is required to file a status report with the court of appeals expires on 16…”

— bill morgan (@Belisarius2020) May 29, 2025

Let us not forget that Judge Torres, in a fit of procedural propriety, denied both parties’ motion for an indicative ruling, deeming it “procedurally improper.” Oh, the audacity! One can almost hear the gasps echoing through the hallowed halls of justice.

The June 16 deadline looms large, marking the end of the 60-day window during which the SEC must regale the Court of Appeals with tales of new developments in this epic legal drama.

In a delightful twist, while we all anticipated the usual procedural filings, Morgan pointed out an unexpected gem: “An individual’s multi-page rant against the Howey test, its interpretation by the courts, particularly regarding the term investment contract, and a diatribe against the SEC spanning a staggering 90 years.” Morgan quipped, “I was not expecting this filing.” Oh, the irony! 😂

This filing, while likely as relevant to the case’s outcome as a snowflake in July, underscores the emotionally charged atmosphere as we approach the next act in this landmark lawsuit.

What’s next?

Weeks ago, Judge Torres, in a moment of judicial restraint, refused the parties’ motion for an indicative ruling. As for what lies ahead in this legal labyrinth, Judge Torres must now provide an indicative ruling on whether the court will dissolve the injunction and release the escrow, with a tantalizing $50 million destined for the SEC and the remainder returning to Ripple. 💰

If Judge Torres bestows upon us the indicative ruling, the SEC and Ripple will beseech the Second Circuit for a limited remand back to Judge Torres to request the relief. Should the remand be granted, they will file a motion with Judge Torres seeking the relief. The plot thickens!

Once the injunction is dissolved and the funds distributed, the SEC and Ripple will make their final bow, requesting the Court of Appeals to dismiss the SEC’s appeal and Ripple’s cross-appeal in a grand finale. Bravo! 🎉

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2025-05-30 17:19