Ripple Vs SEC: Attorney John E. Deaton Predicts Timeline For Lawsuit Outcome

Many in the cryptocurrency community expected a decision yesterday based on a forecast made by attorney James K. Filan, who closely studied the case. However, there was no ruling made. The cryptocurrency sector has been on edge as it waits for the court’s decision in the case.

Now, Attorney John E. Deaton has said that there was no deadline for Judge Analisa Torres to issue the decision yesterday. Deaton, who is representing thousands of XRP holders, made this clarification via a thread on Twitter yesterday. 

Significantly, the Civil Justice Reform Act of 1990 (CJRA) requires that every district court motion that has been pending for more than six months be listed in a report that is produced semi-annually by the director of the Administrative Office of the United States Courts. But according to Deaton, the Ripple case verdict has only been on hold for a little over three months.

“Only motions that have been pending more than 6 months must be reported on a list to Congress. The 6-month list does not apply to Judge Torres’ summary judgment ruling b/c the motion has been pending for a little over 3 months.”

The ruling may even come the next hour

He stated the outcome might be known in an hour or it might take another 30 to 60 days. He explained that based on prior cases, Judge Torres usually gives her summary judgment decision within a few months following her Daubert/Experts decision.

Early last month, the Daubert motions decision was announced, and it was largely heralded as a triumph for Ripple. Stuart Alderoty, the chief legal officer for Ripple, suggested at the time that the decision had given the defendants more confidence.

By winning this case, the SEC might be able to put its regulatory agenda for cryptocurrencies into action. Furthermore, if the commission is successful in defining XRP as a security, a variety of other assets and various parts of the cryptocurrency business will come under its jurisdictional power

“99.9% of all Court rulings don’t have the importance and significance this decision may prove to have. Not very often does a Judge’s decision impact not only the U.S. but the world. International holders have been held hostage. 17 amicus briefs at the district court level. Etc.”.