All motions in Ripple – SEC lawsuit are now fully briefed which represents good news for XRP holders
In the ongoing Ripple-SEC litigation, all motions have been adequately briefed, and the judge’s judgment is expected, according to James K. Filan’s most recent reports. This is good news for those who have been waiting for the briefings to cease.
— James K. Filan 🇺🇸🇮🇪 126k (beware of imposters) (@FilanLaw) January 20, 2023
Ripple and the SEC submitted their final round of briefs in December, requesting the court to grant them summary judgment. Omnibus applications to seal documents related to the summary judgment motions have also been filed by both parties. The motions for summary judgment and those to exclude expert witnesses have now been wholly briefed.
In October, Ripple declared that it now possessed William Hinman’s former SEC paperwork, even though they were still sealed.
At the WEF in Davos, Ripple CEO Brad Garlinghouse said that the SEC official’s communications might include incriminating information. Ethereum is not a security, according to Bill Hinman, a former SEC staffer, who made this claim in a lecture in June 2018.
James K. Filan previously predicted that District Judge Torres may rule on all of the motions at once in a “large written opinion.” At Davos, Ripple CEO Brad Garlinghouse expressed hope that the company’s legal dispute with the Securities and Exchange Commission (SEC) would be resolved in 2023, perhaps as early as this year.
In his subsequent statement, he says he expects a decision to be made “sometime in the following single-digit months” – maybe as early as June.
Whether XRP should be considered a security will significantly affect Ripple and the greater crypto market. Ripple and two of its executives were sued by the U.S. Securities and Exchange Commission (SEC) in 2020 because they provided XRP to investors in contravention of the law without first registering it as a security.
Brad Garlinghouse, the CEO of Ripple, who is also being sued, said at the same time that he anticipates the case to be resolved in the first half of this year.
Legal professionals are making predictions about the verdict in the interim, with most of these predictions focusing on a victory for either party or a potential settlement.
The verdict is expected to affect the cryptocurrency market, given that the SEC is prosecuting Ripple for marketing unregistered securities in the form of XRP tokens. Stuart Alderoty, general counsel at Ripple, also warned that the decision might have a significant effect on the future of the crypto business in the United States.
As XRP is expected to be the first to be impacted by the ruling, the attention has been on it in the interim.
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