As the highly anticipated Ripple lawsuit approaches its final stages, legal experts within the cryptocurrency community are sharing their insights and predictions regarding the potential outcome of the case. Former SEC attorney Marc Fagel recently sparked a flurry of reactions from the XRP community when he suggested that the resolution of the lawsuit could be just days away.
Fagel based his bold forecast on the recent unsealing order, which indicated that the court had likely already determined the ruling. On June 13, following extensive deliberation between Ripple and the United States Securities and Exchange Commission (SEC), the long-awaited Hinman documents were unsealed and made available to the public.
In response to queries from a Twitter user, Fagel refrained from speculating on the implications of the unsealing, suggesting that any relevant materials would likely be presented during the trial rather than at the summary judgment stage.
Bill Morgan, a lawyer and XRP enthusiast, concurred with Fagel’s opinion, stating that certain aspects of the lawsuit may indeed proceed to trial. Morgan further emphasized that neither party is expected to emerge as an outright winner through summary judgment alone.
In December of the previous year, as the summary judgment filings were being fully briefed, John Deaton outlined three potential outcome scenarios and their respective implications. The first scenario envisions the judge fully agreeing with the SEC’s position. The second scenario involves Ripple achieving a clear victory, with the judge criticizing the SEC for pursuing an implausible theory regarding the classification of tokens as securities.
The third and final scenario anticipates Judge Torres issuing a ruling that acknowledges Ripple’s potential violation in “offering” unregistered securities but affirms that XRP itself is not a security, nor are secondary market sales unrelated to Ripple.
With these perspectives from legal experts, the crypto community eagerly awaits the ultimate conclusion of the Ripple lawsuit. As the case proceeds, it remains to be seen how the court will rule and the implications it will have on the future regulatory landscape for cryptocurrencies, particularly regarding the classification of digital assets as securities.
