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SEC Vs. Ripple Lawsuit End In Sight?

SEC Vs. Ripple Lawsuit End In Sight?

According to new documents that have emerged, the lawsuit between the US Securities and Exchanges Commission and cryptocurrency company Ripple would likely end between the third and fourth quarter of 2022. 

Court Order Indicates An End

Attorney Jeremy Hogan has reason to believe that the SEC vs. Ripple lawsuit could be drawing to an end. In a tweet published yesterday, Hogan shared a court order document that indicates that Ripple is planning to wrap up the lawsuit by November 18, 2022. In addition, the document contains the request by Ripple to reschedule the commencement of its pending class-action suit from August 26 to November 18, 2022. 

An excerpt in the document reads, 

“Due to the overlap of factual and legal issues between this case and the SEC action, the parties agree that there are efficiencies in having certain aspects of the SEC action precede certain deadlines in this action.”

It Can Settle Anytime: Hogan

However, Hogan has also noted the lack of any ironclad proof of settlement, and has accepted that the case could be settled at any moment. Continuing the Twitter thread where he revealed the information via the document, Hogan further stated, 

“The document makes me feel more confident in my September summary judgment prediction. I think Ripple thinks [if] it wins the SEC case in September/October and then this class action goes away due to collateral estoppel.” 

In the document, Team Ripple has also pointed out that rescheduling the pending class action would help limit the number of issues n the case and ease up the burden of legal discoveries and talking points in the court for both parties. 

Speculations Aplenty

Several legal experts and crypto enthusiasts have been speculating about multiple facets of the case. The lawsuit, which started in 2021, has seen several developments, indicating a more favorable outcome towards the crypto firm. In January 2022, attorney John Deaton had speculated that SEC’s delaying tactics could stretch the lawsuit until the end of 2023. However, the court proceedings and the disclosure of sufficient evidence as presided over by Judge Sarah Netburn indicates that the court is leaning towards suggesting mediation exercises that could lead to a settlement pretty soon. 

Ripple Continues To Gain Upper Hand

Earlier this year, the unveiling of a couple of legal memos from back in 2012 revealed that Ripple had done its due diligence before promoting XRP as an investment opportunity. The legal memos also proved that the company had wanted to be compliant, even before the SEC had turned its regulatory eye towards digital assets. As a result, the company notched another victory when the court dismissed SEC’s latest bid to strike Ripple’s fair notice affirmative defense. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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