Legal experts in the cryptocurrency community are addressing a potential outcome in the Ripple litigation as it approaches its final stages. Marc Fagel, a veteran SEC attorney, anticipated that the Ripple litigation will be resolved in a matter of days earlier this week. The XRP group responded to the audacious prediction by asking why Fagel came to his conclusion.
Fagel explained the reasoning, claiming that the most recent unsealing order—which emphasized that the court had already determined what the verdict will be—is his only point of reference. After much back and forth between Ripple and the US Securities and Change Fee (SEC), the Hinman documents were finally unsealed and made publicly available on June 13.
After Fagel said this, a Twitter user asked if the unsealing of the documentation in advance of a decision was a sign that everything would not go to trial. When asked if he believes that the unsealing may not be for disclosure, the Twitter user made a partial abstract judgment.
The former SEC attorney said he doesn’t have any educated guesses about this. He firmly believes that the unsealing of supplies, if connected in any way, will only be revealed at trial rather than at a general judgment. He believes that this may indicate that some of the materials are about to go to trial and adds that there may be more to it than he originally thought.
A lawyer and XRP enthusiast named Invoice Morgan noticed Fagel’s remark and said that he agreed with it and suggested that some of the current issues may go to trial. It is said by Morgan that “neither occasion will win solely at the abstract judgment.”
Earlier forecasts about the outcome
When the lawsuit’s abstract judgment files were going to be fully detailed in December of last year, John Deaton provided three possible outcomes and their ramifications.
First, the SEC and the choice are in complete agreement. Second, Ripple triumphs categorically, and the decision criticizes the SEC for pushing its fanciful notion that coins are securities.
Third, an instance where Torres decides that Ripple “supplied” unregistered security at some indeterminate point in the future, splitting the metaphorical kid and its rules. However, neither XRP itself nor sales on the secondary market are independent of Ripple and are not securities.
Whatever the outcome, the Ripple case is “floor zero” and has the potential to create a significant precedent, according to Deaton.
