- An insider pinpoints the SEC vs Ripple lawsuit concluding in March 2023 sending XRP prices to the moon
- Pressure continues to pile on the SEC with multiple parties filing to support Ripple in the lawsuit
The SEC vs Ripple Lawsuit may be concluded in the first quarter of 2023 according to former federal prosecutor James K. Filan.
In a thread of tweets on Friday, Filan, who has represented dozens of clients in cases against the Securities and Exchange Commission (SEC) noted that Judge Annalisa Torres had granted a motion by the SEC to extend the time for all parties to file reply briefs. As per an order dated November 4, the Reply Briefs should be filed before November 30, 2022, while the deadline for filing Amicus Briefs is November 11, 2022.
According to Filan, this means that the case would drag on for longer. “I am sticking to my prediction that District Judge Torres will decide both the Expert Motions and the Summary Judgment motions at the same time – on or before March 31, 2023,” he wrote.
In a corrected scheduling update on the lawsuit, Filan further noted; “The options to exclude expert testimony are fully briefed but issues regarding sealing the motions and the experts’ reports and deposition transcripts now remain. I expect those sealing issues will be resolved as part of the summary judgment process and the eventual ruling”
Filan’s predictions come even as pressure continues to pile up against the SEC over its highhandedness when dealing with crypto matters. So far, over a dozen amicus curiae motions have been filed in support of Ripple, with more expected to onboard before the November 11 deadline.
According to Ripple CEO Brad Garlinghouse, each of the massive number of amicus curiae requests “explain – in their own unique way – the irreparable harm the SEC will do to every facet of the US crypto economy if it gets its way.”
Since the SEC filed the case against Ripple labs and two top executives in 2020 for allegedly breaching securities regulations, the regulator has increasingly been seen as a stumbling block to the enactment of sound crypto regulations. Some have blamed the Gensler-led authority for embarking on a wild goose chase by pursuing the case despite lacking jurisdiction over digital assets.
“All filings in SEC v Ripple explain how dangerously wrong the SEC is. The SEC’s response? We need more time, not to listen or engage, but to blindly bulldoze on” said Stuart Alderoty, the general counsel for Ripple.
Meanwhile, despite the prolonged court battle, Ripple adherents remain stoked that the court will rule in their favor of ripple, bringing back the ecosystem’s glory. A win for the blockchain network would also boost XRP’s price overwhelmingly. At press time, XRP was trading at $0.4904 after a 1.14% decrease in the past 24 hours. In the past week, the price has grown by 5.08 percent. However, the cryptocurrency is down 87 percent, still a far cry from its all-time high of $3.84.
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