The US SEC’s lawsuit against Ripple is intensifying as the regulator still maintains its claim over the Hinman speech and other moves. While the court has resolved a number of disputes, some still remain unresolved. Here are the details…
Lawyer shares updates on decision
Attorney James Filan shared updates on pending motions and deadlines. In the document, the summary highlighted the moves towards judgment. Filan stated that summary judgment and statements of indisputable facts should be submitted by September 13, 2022. In the meantime, Filan stated that the deadline for appeal would be October 18, 2022, adding that the deadline for the appeal decision was November 15.
https://twitter.com/FilanLaw/status/1551756776370049029
This will mark the end of the briefing section. Both parties will then have to wait for District Judge Torres’ final decision on the motions. Filan added that the mid-July-August will be a very busy time for them. However, litigation will make progress in some areas, while some claims will take a little longer than expected. The lawyer said he would stick to the judge’s previous estimates for his decisions on expert motions and summary resolutions. He stated that both motions will be decided at the same time. Filan expects the date to be around March 31, 2022.
Will the claim over Hinman’s speech be resolved?
Meanwhile, he stressed that Hinman has no idea about resolving the email dispute. However, Filan added that he believes a decision can be made on this dispute, while summary proceedings remain unresolved. The court allows the SEC to issue a response to defend its claims. Filan has set the next big date for July 26, 2022. The commission’s objections will be finalized by this time. Ripple and the defendants will submit their answers by August 9, 2022.
Developments continue to occur in the Ripple ecosystem
Meanwhile, various developments continue to occur for Ripple, one of the largest blockchain companies. Singapore-based enterprise digital payment solution provider FOMO Pay has become the latest fintech firm to integrate Ripple’s liquidity solution, called liquidity on demand (ODL). FOMO Pay will use popular crypto enterprise technology to improve cross-border treasury settlements. Previously, the firm used the traditional payment system for cross-border settlement of EUR and USD transactions, which can take up to two days. However, with the ODL integration, the company aims to provide instant reconciliation with very low transaction costs.
Ripple’s ODL service has gained popularity in the private banking and payments industry. The institutional solution eliminates the pre-funding of target accounts by using XRP as a bridge between the two currencies. It reduces operational costs. The technology has proven to be a huge success in Asia, where cross-border transactions are highest.
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