The lawsuit of Ripple vs. SEC began in late 2022 is still been ongoing for quite some time. The lawsuit has yet to reach a conclusion, despite blatant claims and persistent delays. This apprehension will last longer, as a resolution is expected to be reached before 2023.
The world is curious as to whether XRP will be classified as a security. The case was hampered by the Securities and Exchange Commission’s demands for documentation related to all things XRP.
While some speculated that the case would never be resolved. Expert challenges are expected to begin in August, with closing briefs due by the end of the year directing December 20, 2022.
Briefing Timeline (AUGUST 2 TO DECEMBER 20, 2022)
Both parties have entered the following briefing schedule in accordance with the court’s March 23 order:
– By August 2, 2022, motions for summary judgment, Rule 56.1 Statements, and motions to exclude expert testimony must be filed;
– By November 2, 2022, oppositions to any motions for summary judgment, responses to Rule 56.1 Statements, and responses to motions to exclude expert testimony must be filed;
– By December 20, 2022, responses to any opposition must be filed.
James K. Filan, a securities law attorney, and XRP community member, recently suggested that a reasonable schedule for summary judgment motions would be to start briefing in July or August and finish briefing in October or November.
Ripple is adamant about not allowing any more delays
By November 2, 2022, any opposing petition for summary judgment and reply to the move to exclude expert witnesses must be filed, according to the letter.
According to attorney Jame Filan, Ripple and the other defendants agreed to this deadline to avoid any further delays.
If the defendants had not agreed to this timeline, the motion may have been delayed until 2023.
According to John Deaton, an attorney for XRP investors, this schedule is “worse than anticipated “. He emphasized that, as a result of the delay, the decision of this important case will be known by the end of March 2023.
Deaton stated that a settlement will be made involving emails and altered documents relating to Hinman’s Speech.
Brad Garlinghouse, the CEO of Ripple and a defendant in the lawsuit, questioned the delay. He contends that the regulator is exempt from following its own rules.
Brad Garlinghouse, the CEO of Ripple and a defendant in the case, questioned the delay. According to him, the regulator is not obligated to follow its own rules.
What is Ripple‘s reaction to the situation?
Stuart Alderoty, Ripple Labs’ general counsel, has posted a thread on Twitter explaining why the SEC’s action against Ripple may be over next year and thanking everyone who has followed the case so far.
In the thread, he stated that the SEC is hurting US-based crypto investors who hold XRP with each passing day of the case, as when the case was filed against Ripple in December 2020, the $15 billion market cap of XRP was dealt a fatal blow, and that was a blow to investors, whom the SEC claims to protect.
Now, as the lawsuit continues, Stuart Alderoty, Ripple’s General Counsel, has pointed out how crypto expertise, and technology, are migrating to the government rather than the sector. As a result, XRP holders will experience a loss.
Here are some tweets by Alderoty,
Furthermore, the XRP was trading at $0.7096 at press time, down 3.27 percent in the prior 24 hours. The entire week was unpleasant for XRP, as it lost roughly 10% of its value.