SEC and Ripple litigation could extend to 2023. A joint letter was published on Friday recommending a schedule for the extension. Both parties agreed to initiate a summary resolution keynote from August 2, 2022. In addition, a motion is presented to not take the statements of the experts.
Ripple hesitates in further delay
The letter states that any opposition motion for summary judgment and a response to the motion to exclude expert testimony must be submitted by November 2, 2022. Attorney James Filan believes Ripple and other defendants agreed to this timeline to avoid further delays.
XRP attorney John Deaton described this plan as “worse than expected”. described it. He adds that with this delay, the outcome of this important case will be announced at the end of March 2023. However, Deaton states that the agreement over emails and edited documents related to former SEC officer Hinman’s speech will be removed before the decision.
Ripple CEO and defendant Brad Garlinghouse criticizes the delay
Brad Garlinghouse focuses his criticism on regulatory incompetence. He says he doesn’t need to abide by his own rules in recent statements:
The SEC seems perfectly content to let the United States fall further behind – all in the name of protecting its own jurisdiction at the expense of US citizens. Politics instead of politics is of no use to anyone. Now we need a clear regulatory framework.
Hoping for a faster conclusion?
Ripple General Counsel, Stuart Alderoty, claimed that the defendants and the court pushed hard to resolve this case as quickly as possible. But the commission still clings to delaying tactics. It also expects the case to be resolved in 2023.
Alderoty blamed the XRP SEC for the token’s market cap dropped by over $15 billion on the day the lawsuit was filed. He added that in 2020, the SEC avoided court intervention to stop XRP token trading in the country. He noted, however, that this appears to be a joint filing, but when examining the SEC’s past records, the next iteration would come too late if they didn’t agree on it.
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