The XRP lawsuit nears its June 16 deadline, but experts expect a 60-day delay as Ripple prepares a Rule 60 motion in court.
Ripple and the US SEC will proceed to court as a critical deadline approaches, even though the XRP Lawsuit is nearing its conclusion.
Investors anticipate favorable outcomes as the SEC approaches the June 16 deadline to submit its official status report to the 2nd Circuit Court regarding the ongoing Ripple vs. SEC lawsuit.
This report aims to inform the court and the investors as to whether the legal dispute will end or continue.
Nevertheless, expert opinions suggest the potential for an additional 60-day delay if Ripple submits the Rule 60 motion.
If Ripple Files Rule 60 Motion, Expert In XRP Litigation Anticipates 60-Day Extension
Fred Rispoli, a crypto litigator, placed a wager on the XRP lawsuit’s forthcoming updates in an X post before the June 16 deadline.
He asserts that Ripple may submit a new petition under the Federal Rule of Civil Procedure 60 before the June 16 deadline.
He claimed that the 2nd Circuit would not have any positive news for Ripple and the SEC to report in their 6/16 status report if they do not.
Additionally, they will be granted 60 days to submit an additional status report if they submit the document.
Intriguingly, Judge Analisa Torres recommended this motion filing in the SEC vs. XRP lawsuit after she denied a comparable motion.
Rule 62.1 on May 15, in which they requested that she rescind the injunction preventing Ripple from unlawfully offering and selling securities.
The civil penalty should also be reduced from $125M to a mere $50M.
Nevertheless, there is a possibility that Judge Toress may deny this Rule 60 Motion.
‘Judge Torres Has No Matter To Decide,’ Former SEC Attorney Asserts
The crypto community is perpetually bewildered after Judge Torres’ May 15 rejection of the joint motion, which he characterized as “procedurally improper.”
Amid this, the investors have inquired about the potential updates on the XRP lawsuit and the stance the Judge will take.
Marc Fagel, a former SEC attorney, responded, “There is nothing pending before Judge Toress for her to rule on,” which has left investors confused.
In the past, sure experts even predicted that the Ripple vs. SEC lawsuit would conclude on June 13, before the June 16 deadline, asserting that both parties had settled.
What will come next is uncertain due to the absence of updates regarding the situation.
In the context of spot ETF approval odds and XRP price performance, the uncertainty has become a cause for concern.