Both Ripple and the U.S. Securities and Exchange Commission (SEC) have begun the process of filing their responses to the oppositions to the applications for summary judgment behind closed doors.
According to James K. Filan, a former federal prosecutor who is following the case, the versions of the reply that have had certain information blacked out will be made accessible on December 5. However, according to Filan, it’s possible that they’ll arrive a little bit sooner.
Before the most recent files are made public, Ripple and the SEC will get together for a meeting and talk about what redactions should be made. It is anticipated that the redacted replies will also contain comments on the numerous amicus filings that have been filed by supporters of both Ripple and the SEC.
New Arguments By Both Parties
In September, both Ripple and the SEC submitted a move to the court requesting a summary judgment in an effort to circumvent the need for a trial. The defendants submitted their response to the request for summary judgment that the plaintiff had submitted on October 20.
Ripple asserted that the SEC was unable to provide evidence that owners of XRP had any expectation of profit from the company’s promotional activities. However, the regulatory agency maintains that there is “undisputed evidence” showing that the defendants engaged in unregistered offers and sales of securities.
On the other hand, the Chief Executive Officer of Ripple, Brad Garlinghoue, is reported to have forecast that the legal dispute with the SEC will be settled in the first half of 2023.
The Lawsuit Could End Sooner Than Expected
The dispute between the SEC and Ripple has been going on for more than a year, and many people are beginning to wonder if there will ever be a resolution to the conflict. In this legal proceeding, the question at hand is whether or not XRP should be classified as a currency or a security.
In the event that the SEC is successful in its lawsuit, XRP will be reclassified as a security rather than a currency in the United States. After the establishment of such a legal standard, it is possible that similar cryptocurrencies will be categorized as securities.
There have been frequent developments and new turns in the investigation. It has been suggested by James K. Filan that certain deadlines in the ongoing Ripple litigation may be met sooner than expected.
The date that he believes the timeline may be subject to change is the date on which the redacted responses to the summary judgment would be filed. It seems that the consensus among members of the community is that a solution to the conflict between the two sides will most likely be found.
Some people think that the investigation into this matter is almost at its end. James K. Filan stated in a previous prediction that District Judge Torres will make a decision on the expert motions and the summary judgment motions together, on or around March 31, 2023.
