TLDR

• Judge Torres’ injunction against Ripple’s securities sales is causing settlement delays and complicating potential IPO plans
• Attorney Jeremy Hogan predicts case resolution around April-May 2024, later than other recent crypto cases
• Dissolving the injunction requires careful legal maneuvering under Rule 60 and SEC agreement
• Other similar crypto cases like Coinbase and Gemini have already been dismissed
• The injunction is based on the established Howey test, making it challenging to overturn

The resolution of the Securities and Exchange Commission’s (SEC) case against Ripple Labs faces delays due to a court injunction, according to legal experts. Attorney Jeremy Hogan has identified this as the main obstacle preventing a swift conclusion to the long-running legal battle.

Judge Analisa Torres previously issued an injunction that restricts Ripple Labs from selling securities to the public under certain conditions. This restriction has become a key point of contention in finalizing the case.

The injunction poses particular challenges for Ripple Labs’ future plans. The company may face difficulties proceeding with an Initial Public Offering (IPO) while the injunction remains in place.

Recent developments in similar cases have highlighted the unusual nature of this delay. The SEC has dismissed its case against Coinbase and ended enforcement action against Gemini.

Legal experts point to Federal Rule 60 as a potential pathway to resolve the situation. This rule provides relief from judgments under special circumstances when new facts emerge or errors are discovered.

The Path Ahead

The Howey test, a fundamental U.S. Supreme Court precedent, forms the basis of the current injunction. This legal foundation makes the process of setting aside the injunction more challenging.

Hogan suggests that Ripple Labs must present a compelling argument to convince the court. The company needs Judge Torres to exercise her discretion in potentially modifying or dissolving the injunction.

The delay in settling Ripple’s case (as pointed out by James below), is likely the injunction in Judge Torres’ judgment.

The court enjoined Ripple from (basically) making sales directly to customers. There are workarounds for that, but obviously Ripple would rather not have the… https://t.co/pNAlIasEQM pic.twitter.com/WuN5micdtF

— Jeremy Hogan (@attorneyjeremy1) March 2, 2025

The process requires careful coordination between all parties involved. Any motion to dissolve the injunction would need implicit approval from the SEC.

Timing estimates for resolution now extend into spring 2024. Hogan predicts the appeals will be dismissed in April.

Final resolution of the case could arrive by May 2024. This timeline accounts for the necessary legal procedures and negotiations.

The case’s conclusion requires precise legal drafting. Ripple Labs has one opportunity to present their argument for dissolving the injunction to the trial court.

Recent discussions between Ripple Labs and the SEC have taken place behind closed doors. These meetings suggest progress toward an eventual resolution.

The legal teams continue to work through technical requirements. Each step requires careful consideration of existing legal precedents and procedures.

Both parties must navigate complex legal frameworks. The process involves balancing court orders with settlement terms.

The case represents an intersection of securities law and cryptocurrency regulation. The outcome could influence how similar cases are handled in the future.