Judge has modified a proposed calendar on SEC v. Ripple case in a bid to end proceedings before end of year
Judge Analisa Torres revised the proposed schedule of the SEC case against Ripple in an attempt to end the proceedings before the end of the year.
Judge In Ripple case modifies calendar, rising prospects of suit concluding before year end
August 9 this year. According to the Thursday document, the Judge took a new direction requiring the parties to file any motion to exclude expert testimony by July 12. All objections must be filed in advance. The parties are also required to submit their responses by August 30 to allow them to submit action for summary judgment by September 13.
Furthermore, the court required the parties to submit their objections and responses to the summary judgment filing by October 13 and any other responses by November 15, marking the end of this period procedural. Therefore, this would give the court enough time to issue a binding ruling on the nearly three-year legal battle, a month and a half behind the suggested timelines.
Previously, both parties had requested ” opposition to any motions for summary judgment, response to Rule 56.1 Statements, and responses to motions to exclude testimony must be filed by November 2, 2022.” They had also requested that “Replies to any opposition must be filed by December 20, 2022,” dampening the spirits of an already beat-down XRP community.
American technology. Thursday’s order comes after Ripple Labs CEO Brad Garlinghouse expressed confidence that Ripple would win the case. Brad, who spoke to Bloomberg, noted that a win for Ripple would be a win for the entire crypto industry. For him, Ripple’s growth will not be affected by the outcome of the legal battle as it has been acting as if they have lost the case, and the SEC’s continued toughening only hurts progress.
“I just think it’s extremely disappointing that here in the United States, where we’ve led innovation in so many different industries, we have such an over-the-top, real-life regulator,” said Garlinghouse, restrictions on competitiveness and recruitment in the United States.
However, he noted that despite going wrong with the SEC, Ripple had a record year in 2021 and into Q1 2022, with XRP cross-transactions increasing 8x in Q1 2022, compared to the same period last year.
While Judge Torres Wednesday’s instructions may not have had too much of an impact on the price, the XRP community expects the case to close before year-end, which will set the price for a bull run spike as US exchanges depend on XRP.
As of writing, XRP is up 0.75% to $0.6113. With the market-wide carnage underway, the price will need broader market support to rally towards $0.66, its most immediate overhead resistance.
- The Possible Reasons Why The SEC Went After Ripple With A Lawsuit
- Ripple Community Stated That CoinMarketCap’s Tweet Revealed Its Bias Against XRP