There are new developments in the SEC-Ripple case. A series of disagreements arose during the submission of resolutions rejecting expert discoveries. After that, Ripple and the SEC submitted a joint proposal to manage all sealing issues related to the upcoming summary decision motions. The US Attorney General, who presided over the court, pointed to September 19 for important statements regarding the case.
What does the new motion in the Ripple-SEC case cover?
According to the proposal, the proposal is based on the assumption that the public should have free access to court records. Accordingly, ordinary citizens will have quick access to the summaries of the parties. In a summary judgment, the parties aim to minimize corrections. Also, the proposal reveals that both parties intend to negotiate to determine the corrections they want. This came after they sealed the materials needed for the summary judgment on September 13, 2022. After the discussion to determine the issues to be fixed, the SEC and Ripple will publicly release the motions for the summary resolution on September 19, 2022.
XRP lawyer excited for Sept. 19
The proposal includes the public disclosure of the summary judgment decision, which has been revised to a limited extent. The offer caused a stir in the Ripple community, particularly attorney Jeremy Hogan, a partner at the Hogan & Hogan law firm. Lawyer Hogan told XRP enthusiasts to watch out for September 19, 2022. He also urged September 19 to mark most of the cards in the hands of the parties as the date when this would be announced. Hogan said:
“Final game in the Ripple-SEC case. This excites me immensely.”
What do the other offers include?
In addition, the parties will make sealed objections to the summary resolutions on October 18, 2022. On October 20, 2022, they will meet to identify possible edits before making the prepared decision summaries public. The parties also proposed to file their sealed summary decision response summaries on November 15, 2022. Also, both the SEC and Ripple will meet on November 17, 2022 to determine the corrections requested by both parties. Thus, on November 21, the revised summary decisions will be made public.
Ripple lost $15 billion due to SEC lawsuit
As Cryptokoin.com reported, the SEC-Ripple case has been going on for several years. However, CryptoLaw founder John Deaton recently made an interesting claim. Accordingly, the SEC deliberately excluded the claims in the case from the decisions of Ripple’s executives. Not only this. The SEC has designated the popular altcoin asset XRP as an unregistered security. Deaton says the SEC’s move has cost the global trade firm more than $15 billion. However, Ripple’s CEO recently announced that he will spend $100 million on legal defense.
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