In the grand theater of legal absurdity, where Ripple and the U.S. Securities and Exchange Commission (SEC) are the reluctant stars, a new act is set to unfold. Lawyers, those ever-optimistic harbingers of hope, whisper that a motion for an indicative ruling under Rule 60 is on the horizon. As the fateful June 16 deadline looms like a dark cloud over the 2nd Circuit Court, the parties find themselves entangled in a web of appeals, each thread pulling them further from the elusive settlement.
Lawyers Predict Ripple and SEC’s Next Move
Fred Rispoli, a lawyer with the enthusiasm of a child on Christmas morning, took to X on June 12 to proclaim that Ripple and the SEC are poised to file a new motion by Friday or Monday. This time, they will don the cloak of the Federal Rule of Civil Procedure 60, as suggested by the ever-watchful Judge Analisa Torres. One can only imagine the courtroom drama as they plead for the judge to lift the injunction that has shackled Ripple’s attempts to sell securities, all while hoping to reduce the civil penalty to a mere $50 million. A bargain, really, in the grand scheme of legal fees!
Previously, Judge Torres had turned down a similar plea, leaving the parties to ponder their fate under the stern gaze of Rule 62.1. Yet, she has hinted that a request under Rule 60 might just be the golden ticket, provided they can conjure up some “exceptional circumstances.” What a delightful game of legal charades!
Rispoli, ever the realist, noted that there’s little to cheer about as they approach the June 16 status report deadline. However, should they muster the courage to file their injunctive ruling request with Judge Torres, the 2nd Circuit might grant them an additional 60 days to continue this riveting saga.
Ripple’s IPO Dreams on Hold for Four Long Years
James Farrell, a former SEC lawyer, lamented that Ripple is effectively barred from pursuing an IPO for another four years, thanks to the ever-looming injunction. Meanwhile, other crypto companies like Circle and Kraken have dashed forward to file for IPOs, riding the wave of a crypto-friendly Trump administration. Ripple, however, remains stuck in the mud, desperately needing that injunction lifted to join the IPO party.
Farrell believes that Ripple and the SEC must present their case to Judge Torres, laying bare the reasons why the injunction should be lifted and the penalty reduced. A riveting courtroom drama awaits!
Legal expert Sherry, with a twinkle of hope in her eye, suggested that the parties would make yet another attempt for a favorable outcome in an indicative ruling. However, she wisely advised Ripple to keep its cross-appeal alive, just in case Judge Torres decides to play the role of the stern matriarch once more.
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2025-06-12 09:25