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April 30, 2022

How the Ripple vs. SEC Case is Going

Judge Analisa Torres has revised a planned timeline in the SEC v. Ripple case in an attempt to conclude hearings before the end of the year.

According to the Thursday document, the Judge issued further instructions requiring parties to make any petitions to exclude expert witness by July 12, and any oppositions by August 9 this year. Parties were also expected to make any responses, if any, by August 30 in order to file any applications for summary judgment by September 13.

Furthermore, the court ordered the parties to file their oppositions and responses to the summary judgment files by October 13, and any additional responses by November 15, bringing the stage of the proceedings to a close.

This will now allow the court enough time to issue a binding ruling on the almost three-year-long legal struggle, putting it one and a half months ahead of the anticipated timetables.

Both parties had previously requested that “oppositions to any moves for summary judgment, replies to Rule 56.1 Statements, and responses to petitions to exclude testimony be submitted by November 2, 2022.” They had also asked that “responses to any opposition be provided by December 20, 2022,” lowering the spirits of an already battered XRP community.

Thursday’s instructions came after Ripple Labs CEO Brad Garlinghouse expressed confidence that Ripple will win the dispute. Brad told Bloomberg on Wednesday that a win for Ripple would be a big deal.

He did add, however, that despite being on the wrong side of the SEC, Ripple had a record year in 2021 and in Q1 of 2022, with cross-border transactions using XRP increasing 8x year on year in Q1 of 2022.

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Having said that, while Judge Torres’ instructions on Wednesday may not have had much of an impact on the price, the XRP community anticipates that a resolution of the lawsuit by the end of the year would lay the stage for a parabolic rise when U.S. exchanges relist XRP.

At the time of writing, XRP was up 0.75 percent to $0.6113. Given the current market turpitude, the price will require broader market support to advance above $0.66, its most immediate overhead barrier.