- According to an experienced industry professional, the ongoing legal dispute between Ripple Labs Inc. and the U.S. Securities and Exchange Commission (SEC) is approaching a critical juncture in the near future.
- Marc Fagel, a former attorney and former regional director of the SEC’s San Francisco division, shared his perspective on the matter, indicating that a ruling may be imminent.
According to an experienced industry professional, the ongoing legal dispute between Ripple Labs Inc. and the U.S. Securities and Exchange Commission (SEC) is approaching a critical juncture in the near future. Marc Fagel, a former attorney and former regional director of the SEC’s San Francisco division, shared his perspective on the matter, indicating that a ruling may be imminent.
Fagel responded to a tweet from a member of the XRP community who raised concerns about the SEC potentially dropping its lawsuits before the summary judgment, which could undermine the authority of the judge overseeing the case. The tweet proposed that a delay in the ruling could reinforce the argument that the judge’s decision was influenced by public reactions, causing more confusion and sparking speculation of intentional encouragement of uncertainty. While Fagel tried to avoid speculating, he expressed his belief that a ruling could be anticipated in a matter of days. He mentioned that any delay in the case was likely due to its complexity rather than suggesting hidden motives.
Fagel further clarified that Ripple, the entity responsible for XRP, should be seen as separate from other recent SEC enforcement actions. He emphasized that the judge’s ruling is unlikely to directly address the matter of secondary market trading. Additionally, Fagel mentioned that the emails involving Hinman, a former SEC official, may only be referenced in relation to a ruling on the liability of the individual defendants involved in the case.
John Deaton, a lawyer representing XRP holders, also shared his perspective on the issue. He emphasized his belief that accusing individual executives of aiding and abetting, based on a recklessness standard, was a notable error. Deaton expressed his confidence that a rational jury would not consider any executives to have acted recklessly.
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