Ripple Lawyer Envisions More Delay in the Case Against SEC

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.

Leave a Reply

Your email address will not be published.

Related

ECB’s President, Christine Lagarde, Says Crypto Assets Have No Worth

In an interview, Christine Lagarde, the head of the European Central Bank, made it quite plain where she stands concerning the value of digital assets. Head Of ECB Label Cryptos As Worthless According to a survey by Politico, the head of the ECB noted her position on crypto. The ECB head stated that digital assets […]

UK Regulators are Investigating Terra’s Fiasco and Considering Crypto Rules

UK cryptocurrency market regulators are currently investigating Terra’s plunge. It began amid the recent cryptocurrency market massacre. The leading cryptocurrency in the market, BTC, fell as low as $26,000 during the market downturn. At the same time, Terra fell by about 100%. Terra’s Meltdown Under Investigation as UK regulators Consider New Crypto Rules While regulators […]

FTX Launches Stock And ETF Trading Option In The United States 

A prominent cryptocurrency exchange, FTX, is getting into the stock trading business. Soon, its users will be able to trade equities and exchange-traded funds on the platform.  Only A Few Users In The United States To Enjoy The Service  The Wall Street Journal reports that the firm Sam Bankman-Fried helped establish and serve as its […]

Major Australian Bank Shelves Crypto Launch Plan

CBA’s Crypto App Plan As previously mentioned last year, Australia’s biggest bank disclosed plans to let its users carry out crypto-related transactions on its app.  It has been taking its plan to develop the project but as not stated a particular time it will finally launch the project to the public. It also has plans […]

Crypto Investors Suffer from Lingering Fears

The Situation at Hand The drastic drop and decline that befell the digital asset market last few weeks have left a mark on the users and investors of crypto, with crypto coins and other assets experiencing their lowest of lows and even stablecoins being affected, it’s no surprise that both old and new investor is […]