XRP Lawsuit: Ripple And SEC Finally Agree To A Lawsuit Timeline

April 23, 2022 2:31 pm Comments

Ripple and the SEC have finally agreed to a timeline for the lawsuit and have determined that they will be concluding the briefing schedule before Christmas.

Both parties have now submitted a joint letter to the court that indicates this new proposed schedule after having many weeks of discussion.

The submitted letter shows that initiating the brief for summary judgement will begin on August 2022 with the aim to finish this year.

The schedule makes sense given that many are starting to scrutinize the SEC for dragging the XRP lawsuit close to the two year mark.

Attorney John Deaton commented that the schedule was slower than expected and that a settlement would be needed if the case were to wrap up before 2023.

FinanceFeeds reports:

Pursuant to the court’s March 23 order, both parties have entered the following briefing schedule:

– Motions for summary judgment, Rule 56.1 Statements, and motions to exclude expert testimony must be filed by August 2, 2022;

– Oppositions to any motions for summary judgment, responses to Rule 56.1 Statements, and responses to motions to exclude expert testimony must be filed by November 2, 2022;

– Replies to any opposition must be filed by December 20, 2022.

Securities law attorney and XRP community member James K. Filan has recently stated that a realistic timeline for summary judgment motions would be opening briefs in either July or August and then all briefing completed by either October or November.

Filan also pointed to a Goldman Sachs case in which Judge Torres has recently issued a summary judgment ruling to suggest that a court ruling would likely happen several months following the end of briefing.

Should the same waiting period apply in the XRP lawsuit, and taking into account that briefing will only end on December 20, 2022, then the XRP case could be over by March-April 2023.

It is important to note that this proposed schedule is only for a summary judgement scenario which is the worst case scenario for Ripple at this point.

Other possible scenarios that the lawsuit could take such as achieving a settlement between both parties would bring the lawsuit to another timeline.

Given the current state of the case right now, the settlement remains a possibility given that the court may decide to confirm its ruling on the Hinman documents.

Speculators believe that the SEC would rather settle instead of revealing the documents which makes the scenario have a significant chance of happening.

FinanceFeeds concludes with details:

Still, this schedule would apply under a summary judgment scenario. A settlement, however, remains a distinct possibility as the ghost of Hinman threatens the SEC.

Should the court confirm its ruling on the SEC’s internal documents, it is now widely expected that the SEC will fold and reach out for a settlement.

“A settlement prior to a ruling, comes down to the emails and comments with edits and the 68 drafts of the Hinman Speech and whether the SEC will be forced to turn them over”, said attorney John Deaton.

Finance Feeds has spoken with Natalia Zakharova from retail and institutional broker FXOpen, who said a settlement could trigger a 150% rally in XRP.

With the latest briefing schedule being revealed, it seems that the lawsuit is finally approaching its last stages and investors should keep a close eye on XRP as the final date approaches.

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