Recently, members of the XRP community have begun to express concern over the delay of a ruling on the lawsuit between Ripple and the SEC. Supporters of the Silicon Valley company had expected a decision to be announced before the end of last month, but this did not happen, raising questions about the reason for this.
XRP is a very high profile case
One lawyer, James Filan, caused controversy with his prediction, which was not fulfilled. In an attempt to calm the situation, lawyer John Deaton of CryptoLaw, commented on the reasons for the delay.
According to him, Judge Torres needs time to thoroughly review the case and reach a just verdict. With the huge pressure from Ripple, and other organisations that influence the cryptocurrency market, the judge may be under pressure. The lawyer pointed out that this is a unique situation that Torres has not faced before.
Deaton stressed that the delay should not be interpreted as negligence, but as evidence that the case is being taken very seriously. At the same time, the lawyer recalled that the decision is potentially of great importance for the entire cryptocurrency industry in the United States, as it could affect regulatory issues.
SEC vs. Ripple case requires patience
Deaton pointed out that the SEC vs. Ripple lawsuit is the Commission’s most significant enforcement action since 1946, i.e. since the Howey case. He explained that Judge Torres is facing tremendous pressure, which translates into a cautious approach to the decision. A ruling against Ripple would prompt the XRP issuer to appeal the case in a higher court, and a favourable ruling would in turn require a justification of motivation.
Accordingly, lawyer Deaton urged members of the XRP community to be patient and understanding of the judge’s difficulties. In his own words: “So just be patient, we’re almost at the end.”
The countdown to the verdict continues
This opinion is shared by Deaton a few days after his previous statement in which he said that it could take up to two months for Judge Torres to reach a verdict. Deaton, who as a friend of the court is acting on behalf of thousands of XRP holders, said that the summary judgment ruling usually comes several months after Daubert motions. As such, the anticipated date for the conclusion of the case could be as late as the end of May.