After a suggested schedule for summary judgment specified a significantly longer duration, the US Securities and Exchange Commission’s (SEC) litigation against Ripple is set to last until 2023.
The SEC and Ripple jointly issued a letter on Friday recommending a simple judgment schedule. On August 2, 2022, the parties agreed to begin a summary judgment opening brief. The final briefs, on the other hand, will not be submitted until December 20, 2022. A move to exclude expert testimony is also being filed in conjunction with this.
Ripple refuses to wait any longer.
Any opposing petition for summary judgment and rebuttal to the motion to exclude expert witness must be filed by November 2, 2022, according to the letter. Ripple and the other defendants, according to attorney Jame Filan, 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.
This schedule is “worse than predicted,” according to John Deaton, an attorney for XRP holders. With this delay, he noted, the outcome of this key litigation will be known by the end of March 2023. However, before the ruling, Deaton stated that a settlement involving emails and modified documents pertaining to Hinman’s Speech will be reached.
The delay was questioned by Brad Garlinghouse, the CEO of Ripple and a defendant in the dispute. He claims that the regulator is not required to follow its own guidelines.
“The SEC seems perfectly content to let the US fall further behind”
” – all in the name of protecting their own jurisdiction at the expense of US citizens.”
“Politics over policy is good for no one. We need a clear regulatory framework now.” -Garlinghouse
Is it possible to reach a conclusion faster?
The defendants and the court, according to Stuart Alderoty, General Counsel for Ripple, are working hard to resolve this dispute as soon as feasible. The commission, on the other hand, continues to use delaying tactics. He also expects the litigation to be settled in 2023.
Alderoty accused the SEC for the XRP holders’ rug pull, claiming that the token’s market cap had plummeted to almost $15 billion on the day the case was filed. He also mentioned that the SEC avoided court intervention in order to halt XRP token trade in the country in 2020. However, he noted that while this appears to be a joint submission, given the SEC’s track record, the next iteration would have arrived much later if they hadn’t agreed.
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