• The SEC vs Ripple case has been ongoing since 2020 and is eagerly awaited by crypto enthusiasts, developers, and firms.
• Attorney John Deaton claimed that the judge’s ruling may take up to two months.
• The outcome of the court ruling could have a significant impact on the cryptocurrency industry, including empowering the CFTC to handle crypto derivatives and trading.
Ripple vs SEC Verdict Could Take 2 More Months
The highly anticipated verdict of Ripple against the U.S. Securities and Exchange Commission (SEC) may take two more months to be finalized. This was revealed by attorney John Deaton who is representing thousands of XRP holders in this case. The SEC vs Ripple case has been ongoing since 2020 and has drawn considerable attention from crypto enthusiasts, developers, and firms around the world.
Civil Justice Reform Act Impacting Decision Timeline
Deaton took to Twitter to clarify that March 31 was not a deadline for Judge Torres‘ ruling as previously expected; he noted that there is no certainty when a decision will be issued but suggested it could occur within 30 or 60 days. He further explained that according to the Civil Justice Reform Act of 1990 (CJRA), which mandates U.S Court’s Director of Administrative Office to prepare semi-annual reports covering district court motions queued for ruling longer than six months, summary judgements do not fall into this category as they were only pending for over three months at most. However, he added that Judge Torres usually issues summary judgement within months after her Daubert/Expert’s decision is made.
Implications Of The Decision On Crypto Industry
The crypto community has been anxiously awaiting the court’s judgement as its implications on various aspects of cryptocurrency operations are massive. If SEC succeeds in classifying XRP as security asset then many other assets might also come under its jurisdictional power along with some aspects of crypto operations being regulated by it in future too; if it wins then Senators Cynthia Lummis and Kirsten Gillibrand proposed legislation in June 2022 might also pass enabling Commodity Futures Trading Commission (CFTC)to handle crypto derivatives and trading activities in US market appropriately .
John E Deaton’s View On Significance Of Case
John E Deaton recently commented on what makes this case particularly important; as per him very few court rulings have had such an extensive influence over entire digital asset industry like this one does meaning outcome of this case can potentially shape future of cryptocurrency market across entire globe . Moreover he believes XRP holders should be ready for “longest wait ever” as court processing times don’t always comply with expectations .
Despite earlier expectations that judge’s verdict would come out yesterday i-e March 31 , attorney John Deaton clarified via twitter post that no clear timeline exists yet for when judgement will be issued though it may arrive anytime within next two month period . Crypto professionals recognize how much ramifications this case can hold upon whole digital asset industry thus all eyes are set upon final outcome now !