For those who have lived under a rock when it comes to the crypto industry, it’s prudent to catch up with the entire Ripple saga. The short of it has Ripple created an Initial Coin Offering (ICO) and formed the XRP token, but the SEC took Ripple on in regards to them considering the coin to be a security. Should it be proved to be a security under US court, Ripple stands to pay an excessive amount in legal fees as reparations.
Delayed Final Ruling Due To Ripple Motion
However, it seems that the final ruling has been delayed, with no clear indication for how long this delay will be for. The official minute order came today, explaining that a motion that Ripple had filed earlier was being taken under submission. This means that it will take even longer for a full legal solution to find itself.
Before the motion was submitted, the Judge was expected to announce the verdict after the court hearing that happened yesterday. Now though, Judge Phyllis J. Hamilton is going to announce the Judge’s ruling. The time span for the motion’s consideration can span anywhere from days to weeks, all the while everyone involved sits with bated breath.
Three Years Too Many
Pull back the clock to December of last year, and Ripple filed a new motion to dismiss the lawsuit it’s embroiled in entirely. Simply put, the company argued that the three-year limitation period when it comes to lawsuits of this sort has long since passed. By US law, this mandates that Ripple should be exempt from legal actions against it due to the time that has passed.
Bradley Sostack stands as the lead plaintiff when it comes to this court case. He, for one, is refusing to buy into the argument that Ripple is putting forward, seeing it as merely a ploy to throw the case out. Even with this legal technicality, Sostack still believes that Ripple is liable to reparations. It seems that the SEC is adamant about making Ripple pay for its alleged illegal sale of securities, but whether or not it falls through on the letter of the law is to be determined.
Refusal To Take Sides
In recent news, Heath Tarbert of the CFTC was prompted to comment about whether or not XRP was a security, or instead of a commodity. Tarbert cleverly declined to specify. He didn’t deny that the SEC might achieve victory in the court case; however, due to how similar to securities, the token operates.