The unending litigation between the US Securities and Exchange Commission (SEC) and Ripple began in December 2020. Since then, there have been many new developments in the case and no conclusion has yet been reached. The allegations are that the SEC has at times done everything in its power to delay litigation. This time is no different because there are rumors that there may be more delays.
Whatever the outcome, one thing is certain. XRP holders have suffered a great loss in the past, and given that there may be more delays, this loss seems likely to continue.
Target 2023 in Ripple Case!
The cryptocurrency community wants to know if XRP can be classified as a security. However, the SEC’s requests for documents related to XRP slowed the litigation. While several people have speculated that this case will not end, defense attorney James Filan confirmed that both parties submitted a joint timing letter for summary judgment. According to this letter, it is reported that the expert appeals will take place in August, after which the briefings will be closed until December 20, 2022.
#XRPCommunity #SECGov v. #Ripple #XRP Parties file joint scheduling letter proposing opening briefs for summary judgment and expert challenges in August and closing briefs a few days before Christmas. pic.twitter.com/DBVkl3LQXU
— James K. Filan 🇺🇸🇮🇪90k+ (beware of imposters) (@FilanLaw) April 22, 2022
The development in question came under criticism from many XRP owners. On the other hand, Stuart Alderoty, General Counselor of Ripple Labs, made a statement on the subject with his post on Twitter. Alderoty stressed that both Ripple and the court worked hard despite all the SEC’s efforts to delay, and therefore said that the decision could be taken in 2023:
“Know that, despite the SEC trying to do everything they can to delay it from time to time, Ripple is pushing hard (and the court is working hard) to resolve the case as soon as possible. Now it looks like a decision will be made in 2023. Every day that passes is essentially hurting US citizens who are victims of rug pulls by the SEC.”
In the continuation of his Alderoty shares, he also stated that the SEC has done a great harm to XRP with the lawsuit. Moreover, Aldetory believes that the lawsuit and the process undermined the development of the blockchain ecosystem in the USA:
“The $15 billion XRP market cap was destroyed the day the lawsuit was filed, injuring the people the SEC claims to protect. Gensler refuses to provide any details… Meanwhile, they use every tactic to confuse the market.”
Attorney Jeremy Hogan, a partner at law firm Hogan & Hogan, also expressed dissatisfaction with the timing order when comparing Ripple’s case to LBRY’s. It’s worth noting that both Ripple and LBRY have been indicted by the Securities and Exchange Commission for violating their laws.
Whatever the case, XRP has suffered indefinitely because of this lengthy lawsuit. For this reason, it is a matter of great curiosity when the case will be concluded.
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Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.