The long-running case between cryptocurrency firm Ripple and U.S. regulator SEC will take a new dimension this week, as both parties are set for a significant breakthrough. Both parties will suggest a timeline for a summary judgment this Friday.
However, Ripple’s lawyer James Filan anticipates more postponements in the case. He believes Ripple and the regulator will agree to different time frames to suit their objectives. Based on his assumptions, Ripple will seek to fasten the time, while the SEC will seeks ways to get additional time.
Filan cited the regulator’s repeatability attitude to forslow proceedings as the reason for a slower schedule. Recently, the court granted SEC’s request for an extension to uncover more files to support its case against Ripple.
Ripple Laments Postponement in Proceedings
The attorney believes the SEC will not stop at employing delay tactics to postpone proceedings to Ripple’s dislike. Filan said he would be flabbergasted if the U.S. regulator fails to fight it out with Ripple over the schedules.
But, if both sides agree without any impediment, the proceedings will be much more straightforward for the Judge and jury. The lawsuit has lingered long enough. The court and the crypto world are looking forward to the end of a case in motion since 2020.
But, the linger in proceedings is attributed to both the SEC and the blockchain firm and not just the regulator alone. The filing of Ripple’s rebuttal report, alongside the reopening of the discovery, prolonged proceedings.
Filan feels that the defendant and SEC will submit the reports. However, this would further elongate the case and judgment. As an expert following the ripple case, the attorney thinks that the schedule for the summary judgment briefs will be between July and August and not June as generally claimed.
He anticipates all briefings to be submitted by November ending, considering that Judge Torres has a long history of filing motions for summary judgments complicatedly. Analysts predict the rebuttal document and the expert discovery to be included in the judgment process on Friday.
Motion Letters Could Favor XRP Holders
Attorney John Deaton, who stands in for XRP holders, is optimistic that SEC’s pre-motion letters filing would benefit XRP holders and Ripple. According to him, the letters may provide more details on what to analyze regarding the class action against the regulator.
As of this publication, about 16 attorneys are on the case. Deaton said if the SEC and Ripple request a waiver from the presiding judge, the lawyers will have no other option than to look for alternatives to get extra information.