- Until the 16th of this month, the US stock exchange supervision SEC must submit a current status report to the responsible court.
- Ripple, on the other hand, could apply for to postpone the procedure for another 60 days, but would have to justify this application.
Investors observe the action carefully and hope for a final decision, but a lot indicates further delay. Ripple could submit a new application before the deadline, which could extend the procedure for another 60 days.
Process can continue
Crypto lawyer Fred Rispoli believes that Ripple will submit an application according to the Federal Rule of Civil Procedure 60 before the report is due on June 16. Is saidThat this would give ripple 60 more days to submit their own status update. Rispoli said that if you do not make this application, there will be no noteworthy developments for both sides that you could report on and not a short -term solution.
This possible application follows the rejection of Ripple’s previous application in accordance with rule 62.1 by judge Analisa Torres on May 15th. In this application, the court was asked to cancel the injunction for the illegal offer and the sale of securities by Ripple and to reduce the proposed civil penalty of $ 125 million to $ 50 million. The court rejected the application on the grounds that it was inadmissible due to the process order, but indicated that Ripple could instead make a similar application according to rule 60.
Nevertheless, legal uncertainty remains, and the XRP community is unsafe what will happen. Many in the crypto industry came from an agreement to June 13th.
Confusion through a lack of court decision
The XRP community is waiting for judges Torres to take a step. But the former SEC lawyer Marc Fagel says:
„There is nothing that would be pending with judge Torres that she could decide about.“
This has only reinforced the confusion and the discomfort on the market. No new submissions and no updates have aroused concerns about the price stability of XRP and the broader effects on the approval of spot ETFs. Since the deadline for the status report on June 16 is closer, the lack of instructions from both Ripple and the SEC are decisive.
Although some analysts had speculated that both parties had reached an agreement, no such development was officially reported. Instead, all eyes are now directed at whether Ripple will apply the expected Rule 60 application. If this is the case, the legal proceedings could be extended, which would delay a final judgment or the imposition of a punishment.
Since time is urging, investors are waiting for a crucial measure that could either end the long -term legal dispute or continue to get it involved in legal procedures. At the moment the future of the case sec./.ripple is uncertain.
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