The unprecedented long-running lawsuit between the Securities and Exchanges (SEC) and Ripple began in December 2020. Since then, the lawsuit has seen accusations of ongoing delays; the case still has not come to an end. The SEC over and over again, does everything it can to delay. This time is no different as there are talks of further delays.
SEC vs. Ripple lawsuit: Delays expected as new developments emerge
Whatever the outcome, one thing is for sure. XRP holders who have suffered before will again be affected by further delays.
It’s no surprise that the SEC has filed for an extension multiple times. On April 15, the SEC filed a request to extend the filing period to challenge Judge Netburn’s ruling on a reconsideration of the DPP ruling. But this time, both sides seem to agree to this delay. Needless to say, this decision did not get the traction it wanted in the XRP community.
According to a recently filed letter published by attorney James K. Filan, the SEC, Ripple, and Individual Defendants, Chris Larsen and Brad Garlinghouse have agreed that all moves to reach summary judgment abstracts and exclusions of expert testimony must be filed on or before August 2, 2022. The expert challenges would reportedly take place in August, followed by closing briefs by 20 December 2022.
Although this recently filed General Scheduling Order will not apply to moves to challenge the testimony of Anthony M. Bracco, who suggested the remedies available in his expert report. All in all, this delay has generated surprising reactions on crypto Twitter. James Filan, in the following tweet, gave his account. Filan thinks the scheduled deal is mostly a trade-off. Filan added, researching why Ripple agreed,
scheduling disputes that in my estimation would have taken up even more time and Ripple would have lost that battle if the past is any guide. Then the motion schedule would have gone well into 2023. In my opinion, this was a very smart move by Ripple in locking in this schedule.
— James K. Filan 🇺🇸🇮🇪90k+ (beware of imposters) (@FilanLaw) April 22, 2022
In addition, the General Counsel at Ripple, Stuart Alderoty, in a 23 April tweet, opined that SEC promoted such delays. “To all that have been following the case thus far – thank you. Know that Ripple is pushing hard (and the Court is working hard) to resolve the case as soon as possible, despite the SEC time and again doing everything they can to delay.”
Further highlighted that the said resolution would come in 2023, inflicting more pain to XRP holders. Around ‘$15 billion in XRP market cap destroyed the day the suit got filed, hurting the very people the SEC purports to protect”, Alderoty asserted.
In contrast, look at the SEC v. LBRY case schedule. The lawsuit was filed 3 months after the Ripple lawsuit and will finish 6 months sooner.
Everything about the Ripple case is strangely backwards. pic.twitter.com/Mr5pdSIuln
— Jeremy Hogan (@attorneyjeremy1) April 22, 2022
Attorney Jeremy Hogan, a partner at the law firm Hogan & Hogan, expressed displeasure with the scheduling order when comparing Ripple’s lawsuit to LBRY’s. Note that both Ripple and LBRY are being charged by the Securities and Exchange Commission with violating their own laws. Whatever it is, XRP has suffered indefinitely because of this forever-long lawsuit. XRP suffered a fresh 3% correction as it traded around the $0.71.
Read more:
- Ripple’s General Counsel Believes That The Resolution Of The Ripple Case Will Come Next Year
- Ripple And Anonymous Whales Transfer Half A Billion XRP