Top Lawyer Says Recent Court Order in Ripple Case Shows It’s Game Over For SEC

Pro-XRP lawyer Fred Rispoli believes it is game over for the SEC as the court finally sets the schedule for the upcoming remedies phase in the Ripple lawsuit.

Attorney Fred Rispoli, a renowned lawyer closely following the SEC v. Ripple lawsuit, has taken to X to react to the recent court order in the legal tussle.

Court Sets Schedule Remedies Proceeding

Recall that the court recently scheduled the upcoming remedies briefing and discovery in the case. Per the order shared by James K. Filan, the parties shall complete the remedies-related discovery by February 12, 2024.

While the SEC will file its remedies brief by March 13, 2024, the defendant is expected to file any opposition no later than April 12, 2024. Furthermore, the court set a deadline of April 29, 2024, for the SEC to file its reply to any opposition.

Attorney Rispoli Says It’s Game Over for SEC

Following the court order, Attorney Rispoli said if any of the parties appeal the case, the Second Circuit can’t issue the ruling before mid-2026.

He speculated that multiple events could happen between now and 2026. Although he did not mention any of these events, his remark suggests that the development might not bode well for the SEC’s case.

In this regard, he asserted that it is game over for the SEC, adding that the commission has lost the legal tussle.

#SECvsRipple The remedies-related discovery schedule is set. There is no chance a 2nd Cir. ruling on an appeal by either party (if one is ever filed) is issued before mid-2026. Think of everything that will happen between now and then.

Game Over, SEC. You lost.#XRPCommunity

— Fred Rispoli (@freddyriz) November 13, 2023

SEC Intention to Appeal Ripple Case

It bears mentioning that there are speculations that the lawsuit could be heading for an appeal, as signaled by the Securities and Exchange Commission. As reported earlier, the SEC attempted to file an interlocutory appeal shortly after the court issued its summary judgment in July.

According to the SEC, the court’s ruling on programmatic sales of XRP and other distributions possesses controlling questions of law.

However, the SEC’s request was denied, as the regulator was ordered to wait until all pending issues were resolved. In what is seen as an attempt to expedite the resolution of the lawsuit, the SEC dropped its claims against Ripple execs Brad Garlinghouse and Chris Larsen last month.

Consequently, the remaining pending issue in the case is to determine the appropriate fine Ripple will pay for violating securities laws via its institutional sales of XRP.

It remains to be seen whether the SEC will file an appeal after Judge Analisa Torres issues the final judgment.

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