The case of the SEC and Ripple will extend until 2023…details here
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Answer The case of the SEC and Ripple will extend until 2023…details here
The US Securities and Exchange Commission’s lawsuit against Ripple is set to extend into 2023, after the proposed timeline for the summary judgment set a much longer timeline than expected.
On Friday, the Securities and Exchange Commission and Ripple filed a joint letter recommending a timetable for an expedited ruling.
The parties agreed to commence an introductory summary of the judgment effective August 2, 2022.
However, the final notes will not be due until December 20, 2022.
Besides, a suggestion is also made to exclude expert testimony.
Ripple issue needs more time:
The letter states that any motion opposing the summary judgment must be submitted and a response to the request to exclude expert testimony must be submitted by November 2, 2022.
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Attorney Jam Phelan believes that Ripple and the other defendants have agreed to this timeline in order to avoid any further delay.
If the defendants do not agree to this timetable, the motion schedule could extend through 2023.
John Deaton, a lawyer for Ripple holders, described the scheduling as worse than expected.
With this delay, he added, the outcome of this crucial lawsuit will be concluded by the end of March 2023.
Deaton also stated that settlement over emails and edited documents relating to Hinman’s letter would be reduced before the ruling.
Brad Garlinghouse, the CEO of Ripple and the defendants in the case, criticized the delay.
He said that the regulator does not need to abide by its own rules only, commenting on this by saying:
The US Securities and Exchange Commission seems quite content to allow the US to back off further all in the name of protecting its own jurisdiction at the expense of US citizens.
Politics over politics does no good to anyone.
We need a clear regulatory framework now.
Is it possible to reach a faster result?
Stuart Alderoty, Ripple’s general counsel, confirmed that the defendants and the court are pressing hard for this case to be resolved as soon as possible.
Read:Senators Propose Bill to Investigate Effects of Bitcoin Experiment in El Salvador
However, the SEC still sticks to deferral tactics.
The lawsuit is also expected to be resolved in 2023.
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