The U.S. Securities and Exchange Commission’s (SEC) lawsuit against Ripple Vs. SEC is expected to last to 2023 after the proposed timetable for summary judgment was outlined as the timeline as much longer.
ON FRIDAY, the SEC and Ripple jointly submitted a letter recommending the summary judgment schedule. Both parties have agreed to file an opening brief for summary judgment beginning August 2nd, 2022, and the final briefs will be due on the 20th of December, 2022.
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Additionally, a motion to exclude experts’ testimony is also being considered.
Ripple balks when delays get longer:
The letter specifies that any opposition motion for summary judgment and response to that motion’s request to exclude expert testimony must be submitted on or before November 2. 2022. Lawyer Jame Filan believes Ripple and other defendants also agreed to this timetable to avoid delays in the future. If the defendants hadn’t decided on this schedule, the motion’s program could have been extended until 2023.
John Deaton, attorney for XRP holders, called this schedule “worse than anticipated.” The attorney added that due to this delay, the results of this critical lawsuit will be available by March 2023. But, Deaton mentioned that settlement regarding emails and altered documents that pertain to Hinman’s Speech is expected to be completed before the final decision.
Brad Garlinghouse, Ripple’s CEO and defendant in the lawsuit, criticizes the delays. He stated that the regulator doesn’t have to adhere to their regulations.
Are you hoping for a quicker conclusion?
Stuart Alderoty, General Counsel for Ripple, said that the court and the defendants are working hard to settle the case as quickly as they can. However, the commission continues to use its tactics of delay. The commissioner also anticipates that the case will be settled in 2023.
Alterity blamed the SEC for the pull of XRP holders because the $15 billion market capitalization of the token crashed when the lawsuit was brought. Alterity also stated that, in the year 2020, the SEC was able to stay clear of court intervention to stop XRP trading of tokens in the United States. However, he said it appears to have been a joint application; however, based on the history of the SEC’s previous filings and the subsequent filing could have been very late if they disagreed on this.
Source: Google News Trend