The Ripple Vs SEC jointly filed a letter recommending a summary judgment schedule. The judgment opening brief will begin on August 2, 2022. The final briefs will not be due until December 20, 2022
Ripple Vs SEC Schedule For Summary Judgment
The Ripple Vs SEC jointly filed a letter on Friday recommending a summary judgment schedule. On August 2, 2022, both parties agreed to begin a summary judgment opening brief. The final briefs, on the other hand, will not be due until December 20, 2022.
A motion to exclude expert testimony is also being filed in conjunction with this.
Any opposing motion for summary judgment and reply to the motion to exclude expert testimony must be filed by November 2, 2022, according to the letter.
Ripple and the other defendants, according to attorney Jame Filan, agreed to this timeline to avoid any further delays. If the defendants had not agreed to this timeline, the motion could have been delayed until 2023.
This schedule is “worse than expected,” according to John Deaton, an attorney for XRP holders. With this delay, he added, the outcome of this Ripple Vs SEC lawsuit would be known by the end of March 2023.
However, before the ruling, Deaton stated that a settlement over emails and edited documents related to Hinman’s Speech would be reached.
The delay was criticized by Brad Garlinghouse, the CEO of Ripple and a defendant in the case. He claims that the regulator is not required to follow its own rules.
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, CEO of financial technology company Ripple Labs.
Ripple Is Pushing Hard To Resolve The Case Soon
Stuart Alderoty, Ripple Labs’ general counsel, has posted a thread on Twitter explaining why the Ripple vs SEC case may be over next year and thanking everyone who has followed the case thus far.
Thanking everyone who has been following the case’s progress, Alderoty stated that both Ripple and the court are working hard, and he anticipates a resolution in 2023.
The SEC, on the other hand, is working hard to postpone the conclusion of the legal case.
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.
Massive Transfer Of Crypto Talent, Tech, Wealth Are Moving Outside US
Criticizing the US government’s anti-crypto stance, Ripple’s general counsel also pointed out that the crypto industry is currently experiencing an exodus from the US, with “crypto talent, tech, and wealth” migrating to countries where governments can provide rational crypto regulation.
“Already, we’re seeing a massive transfer of crypto talent, tech and wealth moving offshore to jurisdictions with rational regulatory frameworks. Entrepreneurs are being advised to not start their projects in the US. How long can this be allowed to continue?”
— Stuart Alderoty, Ripple Labs’ general counsel
SEC Are Confusing The Crypto Market
When the regulatory agency filed the case against Ripple Labs, Alderoty reminded the community that it never sought court permission to shut down XRP trading in the United States.
Several crypto exchanges based in the country – Coinbase, Bittrex, and others – as well as those based in other parts of the world – suspended it, assisting the SEC in achieving its goal.
Aside from fighting Ripple, the SEC keeps the crypto market in a “cloud of uncertainty,” preventing it from expanding in the United States, despite the fact that, according to a recent Biden EO study, around 40 million Americans now own cryptocurrencies.
Despite this, the SEC continues to claim that the majority of them are securities and demands greater regulation of crypto exchanges.
While the SEC won’t be able to shut down any digital exchanges in their jurisdiction, they’ll try everything they can to confuse the crypto market.