Crypto enthusiasts, developers, and crypto firms eagerly await the Ripple vs. SEC ruling to determine the next direction for the industry.
Notably, legal professionals in the cryptocurrency industry predicted that the case would round up yesterday, March 31, following judge Torres’s ruling. But it didn’t happen. Instead, the attorney representing thousands of XRP holders, John Deaton, has negated the deadline.
No Deadline For The Ripple vs. SEC Case Ruling, Deaton
Attorney Deaton took to Twitter to clarify that March 31 wasn’t a deadline for the judge’s ruling. In his words, there is no certainty of when the judge will decide; it might occur in the next 30 or 60 days.
Deaton also stated that the Civil Justice Reform Act of 1990 (CJRA) mandates the U.S. Court’s Director of the Administrative Office to prepare a semi-annual report covering the district court motions queued for ruling for more than six months.
As such, the summary judgment doesn’t fall under the category as it had only been pending for over three months. However, Deaton disclosed that Judge Torres usually issues a summary judgment within months of her Daubert/Expert’s decision.
The Decision Could Impact the Entire Crypto Industry
The crypto community has been on edge awaiting the court ruling on the case. This is due to the many implications of the decision on the entire crypto industry.
The SEC has been pushing to regulate crypto, and winning this case could enable it to actualize further plans. Moreover, if the commission succeeds in classifying XRP as a security, many other assets and some aspects of crypto operations will fall under its jurisdictional power.
Moreover, if the SEC wins, the U.S. Senators Cynthia Lummis and Kirsten Gillibrand proposed legislation in June 2022 may also push through. Such a law may empower the Commodity Futures Trading Commission (CFTC) to handle crypto derivatives and trading.
John E. Deaton’s recent post highlighted several compelling reasons why the outcome of this case could be particularly significant. In his view, very few court rulings have the potential to impact not just the U.S. but the entire world, and international holders have been left in limbo.
“99.9% of all Court rulings don’t have the importance and significance this decision may prove to have. Not very often does a Judge’s decision impact not only the U.S. but the world. International holders have been held hostage. 17 amicus briefs at the district court level. Etc.”
As per Deaton, 99.9% of all court ruling in the past don’t have the same significance and importance.