The SEC vs Ripple case has been delayed since 2020 and has attracted global attention.

Cryptocurrency enthusiasts, developers, and cryptocurrency companies are eagerly awaiting the ruling between Ripple and the SEC to determine the next direction for the industry.​

It is noteworthy that legal professionals in the cryptocurrency industry predicted that the case would be concluded yesterday (March 31) according to Judge Torres’ ruling, but it did not happen. Instead, John Deaton, a lawyer representing thousands of XRP holders, denied the deadline.

Deaton: No deadline for Ripple vs. SEC case ruling

Attorney Deaton clarified on Twitter that March 31 is not the deadline for the judge to rule. In his words, it is uncertain when the judge will decide; it may happen in the next 30 or 60 days.

Deaton also said the Civil Justice Reform Act of 1990 (CJRA) authorizes the director of the Administrative Office of the U.S. Courts to prepare a semiannual report covering district court motions that have been awaiting adjudication for more than six months.

Therefore, the summary judgment case does not fall into that category because it was only pending for a little over three months. However, Deaton disclosed that Judge Torres typically grants summary judgment within a few months of her Daubert/Expert decision.

The decision could affect the entire crypto industry

The crypto community has been waiting for the court to decide on the case. This is due to the numerous implications the decision has for the entire crypto industry.

The SEC has been pushing to regulate cryptocurrencies, and winning this case could enable it to implement further plans. Additionally, if the commission succeeds in classifying XRP as a security, many other assets and certain aspects of crypto operations would fall under its jurisdiction.

Additionally, if the SEC prevails, legislation proposed by U.S. Senators Cynthia Lummis and Kirsten Gillibrand in June 2022 could also pass, which could authorize the Commodity Futures Trading Commission (CFTC) to handle cryptocurrency derivatives and trading.

A recent post by John E. Deaton highlights several compelling reasons why the outcome of this case could be particularly important. In his view, there are few court decisions that have the potential to impact not just the United States, but the entire world, and international holders are caught in a quandary.

“99.9% of all court decisions are of little importance and significance as this decision may prove, and it is rare for a judge’s decision to impact the United States or the world. ETC international holders have been held hostage with 17 amicus briefs at the district court level.”

According to Deaton, 99.9% of all court decisions in the past have not had the same meaning and importance.