Here’s Why The Ripple Vs. SEC Lawsuit Could End Sooner Than Expected

The SEC and Ripple dispute has been ongoing for more than a year, and many are now asking if there will ever be a settlement. The question in this litigation is whether XRP (the native cryptocurrency of the Ripple Blockchain) is a currency or a security.

In the US, XRP will no longer be regarded as a currency but rather as a security if the SEC wins the lawsuit. The creation of such a legal standard may then result in the classification of similar cryptos as securities. 

There have been regular updates and twists to the case. Let’s explore the most recent update. 

James Filan Speaks Out On The Ripple Lawsuit 

According to James K. Filan, a defence attorney and former federal prosecutor, some timelines in the current Ripple litigation may arrive early. The date on which the redacted replies to the summary judgement would be filed is when he thinks the timeline may be changing.

According to the timeline, both parties must submit their responses to the requests for summary judgement by November 30. On December 2, both parties are anticipated to meet and consult in order to decide which redactions should be made to the reply briefs.

According to the initial schedule of events allowed by the court, following this, the redacted version of the replies would be made available to the public on December 5. The redacted answers may be submitted earlier because the opening motions for summary judgement were submitted early, on September 17 as opposed to the required date of September 19.

Instead of the required date of September 24, a set of oppositions to the applications for summary judgement were submitted on September 21. He predicts that the redacted responses to the applications for summary judgement could be submitted by Friday, December 2.

The general feeling in the community appears to be that a resolution between the two parties is likely to occur. Others believe that the case is finally nearing a conclusion. 

In a previous prediction, James K. Filan stated that District Judge Torres will make a decision on the expert motions and the summary judgement motions together, on or about March 31, 2023.

Garlinghouse Provides A Timeline

At the DC Fintech Week conference, Ripple CEO Brad Garlinghouse informed attendees that the SEC case against his company would be concluded in the first half of 2023. Garlinghouse is optimistic in his prediction that the lawsuit will be settled in the next three to four months, but he doesn’t rule out the possibility that it could take longer.