Concerning the crypto dispute between Ripple and the SEC recently, lawyer Jeremy Hogan made some predictions that the potential resolution of the case could take place no earlier than 2027.
Let’s see all the details below.
Summary
Ripple and the SEC: what to expect in the world of crypto
As anticipated, influential lawyer Jeremy Hogan recently outlined possible scenarios following the judge’s decision to deny the SEC an early appeal in its case against Ripple.
Indeed, in a lengthy thread on X (formerly Twitter), Hogan explained that the SEC is now in a difficult position, with few options available to it, none of which seem particularly favorable.
This situation is due to the fact that the denied appeal consolidated the current ruling that XRP is not considered a security.
One option for the SEC is to proceed with the trial against Ripple’s executives in April 2023, but this would entail significant challenges and the risk of possible defeat.
In addition, appeals can only be initiated after a final ruling, which could extend the resolution of the dispute to 2026 or beyond.
An alternative could be for the SEC to reach a settlement with Ripple’s executives and then undertake an appeal against Ripple itself. However, even this path could extend the timeline to the end of 2026, at best.
Some time scenarios of the Ripple vs SEC litigation
In addition, attorney Jeremy Hogan pointed out that even if the SEC wins on appeal, further litigation before Judge Torres could delay a final resolution until June 14, 2027, a date that appears distant and uncertain.
Although a full settlement is an option, it seems unlikely given the determination shown so far by the SEC. This scenario would offer the quickest resolution, around December 2023.
Unless an unexpected development occurs, Hogan believes the SEC is stuck on a long path with uncertain outcomes. The summary decision barring XRP as a security is now settled until at least 2026, due to the rejection of the appeal.
Currently, Ripple has a greater ability to negotiate favorable settlement terms or even push for an amicable resolution.
However, the SEC seems determined to prolong the litigation for as long as possible, despite the limited likelihood of overturning the ruling already issued. Hogan’s analysis highlights the significant challenges the SEC faces after a series of defeats.
RippleX announces XLS-30 update for XRP network
On 7 October, the RippleX team announced the completion of the XLS-30 update, a crucial step in the evolution of the XRP network.
This update is designed to introduce fundamental DeFi features to the XRP network and has been successfully stress-tested, confirming its readiness for mainnet activation.
Once implemented, this update promises to simplify trading, liquidity, and exchanges between assets within the XRP ecosystem and is considered a central part of the long-awaited Rippled 1.12.0 update.
The XLS-30 update represents a major technological step forward for the entire XRP ecosystem, introducing new features and transaction types while thoroughly overhauling the existing payment engine.
The initiative was unveiled in July 2023 by Ripple developers and underwent a rigorous audit by the leading blockchain security firm, CertiK. In September 2023, the team successfully integrated XLS-30 and XLS-39 into the code base of the proposed version.
Over the past twelve months, Ripple has conducted intensive performance and compatibility testing to ensure the robustness of the update. In addition, they have focused their efforts on creating a secure code base.
In addition to these preparations, a mainnet activation referendum process has been initiated, during which the team will carefully evaluate the proposed changes and requirements.
A key phase will be verification of the ability of active nodes to sustain a predetermined threshold for two consecutive weeks, currently set at 28/35. Once this verification phase is passed, activation of update 1.12.0 will take place.
In addition to the XLS-30 update, there is also great anticipation for the upcoming launch of Evernode, an L2 scaling platform, on Ripple’s public mainnet.
