United States Securities and Exchange Commission (SEC) To Ripple (XRP) It has been announced that the case against him may extend to 2023.
The proposed calendar for the summary decision, SEC-XRP drew a longer-than-expected timeline for his case.
Litigation Extended to 2023
The SEC and Ripple submitted a joint letter to the court proposing a timetable for summary judgment.
Both parties agreed to initiate an opening letter for the summary decision by August 2, 2022. However, the final letters will be sent on 20 December 2022.
In addition, a petition requesting that the experts’ reports be disregarded will also be submitted to the court.
In the document sent to the court, it was requested that the objection for the summary decision and the answer regarding the disregard of the expert’s report be sent until 2 November 2022.
According to attorney James Filan, Ripple and the other defendants agreed to this timeline so that the case would not be delayed further.
If the defendants did not accept this time frame, the petition calendar could be delayed to 2023.
XRP investors’ lawyer, John Deaton, described the calendar as “worse than expected”.
Despite this, Deaton also pointed out that the decision on the emails and edited documents related to Hinman’s speech will be made before the case is decided.
Ripple CEO Garlinghouse Made a Statement on the Subject
Brad Garlinghouse, Ripple CEO and one of the defendants, criticized the delay in the case:
“The SEC seems pretty complacent about ignoring the interests of US citizens for the sake of maintaining its jurisdiction and the US falling further behind. It is not beneficial for anyone to keep politics above principles. We need a clearer regulatory framework.”
Stuart Alderoty, Ripple General Counsel, said in his statement that he believes the decision on the case will come in 2023.
It now looks like a resolution will come in 2023 – and each day that passes is hurting US citizens who were essentially the victims of a rug pull by the SEC. $15B in XRP market cap was destroyed the day the suit was filed, hurting the very people the SEC purports to protect.
— Stuart Alderoty (@s_alderoty) April 22, 2022
*Not investment advice.