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XRP Lawsuit Sees Uncertainty as Ripple Considers Rule 60 Motion
Ripple may file a Rule 60 motion by June 16, potentially pushing the XRP lawsuit timeline by an additional 60 days.
Judge Torres previously rejected a Rule 62.1 motion but hinted that Rule 60 could be a valid route for Ripple.
The SEC must submit a critical status update to the 2nd Circuit Court by June 16, determining the lawsuit’s future course.
Ripple and the United States Securities and Exchange Commission are approaching a critical court deadline set for June 16, which could determine the next phase of the long-running XRP lawsuit. SEC is supposed to file a status report to the 2 nd Circuit Court that would detail whether the legal tussle would drag on or it would end.
Legal experts involved in observing the case said Ripple might file a motion according to Rule 60 of the Federal Rules of Civil Procedure. When this motion is filed prior to the June 16 deadline, there is are chance that this motion will slow down the proceedings by 60 days. This extension would provide both parties with time to prepare another status report to the court.
Historical Movements Indicate Change in Strategy.
On May 15, Judge Analisa Torres denied a joint motion by Ripple and the SEC under Rule 62.1, stating that it was improper. The rejected motion asked the court to vacate an injunction relating to the sale of XRP that Ripple allegedly conducted without registering and sought to trim a proposed $125 million civil penalty to $50 million. Nevertheless, Judge Torres stated that a Rule 60 motion might be more suitable in the given situation.
Former SEC attorney Marc Fagel stated there is currently nothing pending before Judge Torres for immediate ruling. This comment has added to the uncertainty among XRP investors, who are closely watching developments as the deadline approaches.
Uncertainty Clouds XRP Market Sentiment
The lack of confirmed legal direction has caused market volatility and heightened anxiety within the crypto community. Many investors had speculated that the case might conclude by June 13, though no official confirmation supports that expectation. The outcome of the pending status report is likely to influence both investor sentiment and potential XRP-related financial products, such as a spot ETF.
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