SEC vs. Ripple Legal Battle Pushed to 2023; XRP Bearish

In the latest turn of events in the US Securities and Exchange Commission (SEC) vs. Ripple lawsuit, Ripple and the SEC have agreed to extend the timeline of their lawsuit. This will mean that the court proceedings will be postponed until the end of 2022.

This extension was jointly requested by both of the parties in a letter to Judge Sarah Netburn, who has been presiding over the case. Judge Netburn has granted approval of the revised schedule.

On Saturday, defense attorney James Filan shared a letter of both parties agreeing to new scheduling dates.

Ripple defense lawyer, Stuart Alderoty, remarked:

To all that have been following the case thus far – thank you. Know that Ripple is pushing hard (and the Court is working hard) to resolve the case as soon as possible, despite the SEC time and again doing everything they can to delay.

Notably, the joint letter’s new provisions stipulate the defense to file statements and any motions against expert witnesses by August 2, and objections must be filed by November 2. Moreover, any resistance must be responded to by December 20.

It is interesting to note that this delay follows SEC’s second request for an extension to file an objection to Judge Netburn’s decision on the Motion for Reconsideration of the DPP Ruling.  Also, this delay is also on the heels of Judge Netburn’s ruling in favor of the SEC to allow further expert testimony.

Meanwhile, it has been a rather bearish week for XRP. On Saturday, XRP fell by 1.70%. After a 2.06% decline on Friday, XRP ended the day at $0.7055. At the time of writing, XRP is at $0.669455, down -5.1% in the past 24 hours.

This lawsuit began in 2020 when the SEC sued Ripple Labs. This was for issuing and selling unlicensed securities — XRP coins — to the public. Since then, the SEC vs. Ripple lawsuit has been in the public eye.