Founder of Dizer Capital, Yassin Mobarak, has emphasized the significance of the month of July for Ripple and XRP. According to Mobarak, two crucial legal rulings pertaining to XRP and Ripple were handed down in 2022 and 2023. In July 2022, Judge Sarah Netburn, one of the judges presiding over the Ripple lawsuit, criticized the SEC’s double standards regarding the admissibility of William Hinman’s emails. Additionally, in July 2023, Judge Analisa Torres issued a highly anticipated summary judgment decision.
It is worth noting that the July 2023 decision resulted in partial victory for both parties. While Ripple emerged successful in matters concerning the legal status of XRP, programmatic sales, and other coin distributions, the court ruled that the company had violated federal securities laws through its institutional sales.
Interestingly, Mobarak mentioned that he was on vacation overseas when both rulings were announced, suggesting a humorous coincidence. He encouraged XRP enthusiasts to be optimistic, pointing out that it is July again and he is preparing for another vacation next week.
This statement implies that the court could potentially issue another significant ruling this month, considering the timing of previous major decisions in the lawsuit and Mobarak’s vacation plans.
At present, the SEC and Ripple are eagerly awaiting the court’s final judgment. As previously reported, the parties submitted their remedies brief in May. The SEC has requested a fine of nearly $2 billion for Ripple’s violation of securities laws, while Ripple has argued for a penalty of $10 million. Last month, Ripple submitted a supplemental authority, citing the Terra settlement as support for its argument for a lower penalty.
Since the filing, the court has not provided any updates. Nevertheless, top stakeholders in Ripple remain confident that the highly anticipated final verdict will be issued before the end of the year. Ripple CEO Brad Garlinghouse even speculated that Judge Torres might issue the decision before the end of summer 2024.
One possible factor that may be delaying the final judgment is the court’s decision on Ripple’s motion to exclude the declaration of one of the SEC’s witnesses, Andrea Fox. Ripple has argued that Fox should be considered an expert witness and her report should have been made available for deposition during the remedies-related discovery phase. However, the SEC has refuted this claim, characterizing Fox as a summary witness who only summarized Ripple’s financial statements.
The court is expected to make a decision on this matter soon. It remains to be seen whether the court will issue this decision alongside the final judgment or schedule separate dates for both rulings.
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