Yassin Mobarak, the founder of Dizer Capital, emphasizes the importance of July for Ripple and XRP. The crypto enthusiast pointed out that two significant legal decisions concerning XRP and Ripple were made over the past two years, specifically in 2022 and 2023. In July 2022, Mobarak highlighted that Judge Sarah Netburn, one of the judges in the Ripple lawsuit, called out the SEC’s hypocrisy regarding the admissibility of William Hinman’s emails. Additionally, in July 2023, Judge Analisa Torres issued the highly anticipated summary judgment decision.
It is important to remember that the July 2023 decision provided partial victory for the parties. While Ripple was successful in the decisions relating to XRP’s legal status, programmatic sales, and other coin distributions, the court held that the company violated federal securities laws through its institutional sales. Interestingly, the Dizer Capital founder mentioned that he was on an overseas vacation when the judges issued both rulings, hinting at a humorous coincidence.
The question arises whether SEC v. Ripple will see another significant ruling this July. Mobarak urged XRP enthusiasts to remain optimistic, emphasizing that it is July once again and he is preparing for another overseas vacation by next week. “We are in July, and I’m going on an overseas vacation next week. You know what that means,” he remarked. This statement suggests that the court could issue another significant ruling this month based on the timing of other major decisions in the lawsuit and Mobarak’s vacation plans.
Both the SEC and Ripple are currently awaiting the court’s final judgment. The parties concluded the remedies brief in May, with the SEC requesting a nearly $2 billion fine for Ripple’s securities law violation, while the company argued for a $10 million penalty. Last month, Ripple filed a supplemental authority, citing the Terra settlement to support its argument for a lower penalty.
Since the filing, the court has not provided any update. Nevertheless, top Ripple stakeholders are confident that the highly anticipated final verdict will be issued before year-end. Specifically, Ripple CEO Brad Garlinghouse speculated that Judge Torres might issue the decision before the end of summer 2024.
In May, prominent XRP community member Ashley Prosper identified the court’s decision on Ripple’s motion to exclude the declaration of one of SEC’s witnesses as the only factor standing in the way of the final verdict. Ripple asked the court to exclude the declaration of Andrea Fox, a top-level SEC accountant. The company characterized Fox as an expert witness, stating that the SEC should have made her report available for deposition before the end of the remedies-related discovery. However, the SEC denied this claim, describing her as a summary witness who only summarized Ripple’s financial statements.
The court is expected to decide on the matter at any time. It remains to be seen whether the court will issue this decision alongside the final judgment or schedule separate dates for both rulings. Please note that this content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
