One of the most complicated cases in the cryptocurrency market is undoubtedly the Ripple case. In the case, where the fight with the SEC continues, important developments are possible that should be considered in September.
Important dates and developments for the Ripple case
Following the latest updates on the Ripple case, James K. Filan made some posts on the subject. Accordingly, the parties submit their responses to the Responses to the Proposal for Exclusion of Expert Evidence. Filan said they would remain confidential until they were informed about the sealing issues. This will continue until Judge Torres decides what will be made public.
https://twitter.com/FilanLaw/status/1564766996872548358
Both parties are expected to sign any portion of the filings in early August, with the proposed redactions filed by September 9, according to the mutually recommended briefing schedule. Responses to the motion to be sealed and replies to the exclusion motion must be submitted by 16 September.
According to experts, the remaining months of 2022 will be critical in the case, depending on the decisions to be made and the motions to be submitted. Meanwhile, by September 3, proposals for the summary decision are expected. The appeal must be received by October 18 before Judge Torres makes his final decision. It also has to be answered by 5 November. Filan estimates that Judge Torres’ decision on the expert motions and summary judgment could come on or before March 31, 2023.
“SEC caused $15 billion loss to Ripple”
According to CryptoLaw founder John Deaton, the SEC ‘deliberately chose not to limit claims against Ripple to certain sales made by Ripple and its executives. Instead, he claimed that all XRPs, including secondary market sales of XRP, are unregistered securities. According to Deaton, this is why the SEC caused Ripple to lose more than $15 billion.
Messari CEO Ryan Selkis claimed that investors lost $1 billion to crypto scams last year. It also argued that it lost another $7 billion as a result of the SEC’s rejection of the spot ETF. John Deaton responded to these claims of Selkis with a tweet. Meanwhile, Ripple CEO Brad Garlinghouse claimed that the company will spend $100 million on legal costs. John Deaton also conveyed Garlinghouse’s statements in this context.
As we reported on cryptokoin.com, Stuart Alderoty, general counsel of Ripple, wrote a recent article on the subject. In this article, Alderoty criticizes the SEC’s approach to consumer protection. Alderoty claims the SEC intends to ‘hold the bag’ instead of protecting consumers. He also claims that SEC Chairman Gary Gensler has taken an assertive regulatory stance rather than working with other regulatory agencies.
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