After claiming “a very big win” in early April, Ripple could see its protracted case against the Securities and Exchange Commission (SEC) come to an end before Christmas.
Delays in the SEC Vs. Ripple Case
On December 22nd, 2020, the SEC filed a lawsuit against Ripple Labs and two of its executives for offering illegal securities. However, the case looks likely to swing in favor of Ripple.
Although Ripple has countered the SEC’s claims, the securities agency has been accused of employing delay tactics to stall the lawsuit’s conclusion. However, Judge Analisa Torres appears to be done with the delays as she wants a verdict reached as soon as possible.
SEC Vs. Ripple Case to End this Year
Attorney James K. Filan, a former U.S. prosecutor, shared a “pleasant surprise” in response to the Joint Schedule order letter written by the SEC and Ripple.
While it looked certain that the lawsuit was destined to drag on into 2023, Judge Torres has ruled that motions for the judgement summary must be fully briefed by November 15th, 2022.
Responding to the news, Jeremy Hogan, a Hogan & Hogan law firm partner, opined that Judge Torres “wants the Ripple v. SEC case over before Christmas.”
On the Flipside
- The SEC case has weighed heavily on Ripple’s XRP token, which is currently 85% down from its all-time high.
Why You Should Care
According to experts, the outcome of the Ripple vs. SEC case could become a precedent in determining the legal status of other digital currencies.