The ongoing feud between the regulatory watchdogs (SEC) and San Francisco-based fintech firm, Ripple continues to create headlines. The lawsuit that started in late 2020- still hasn’t hit the wall yet. But could the latest filing FINALLY see an endgame to this ever-lasting saga?
On-and-On we go
In the latest development on 8 September, Plaintiff (SEC) and Defendant (Ripple) filed a joint proposal as highlighted by James Filan, a famed attorney. This would govern sealing issues relating to the upcoming summary judgment motions to be filed in this case.
#XRPCommunity #SECGov v. #Ripple #XRP The parties have filed a joint proposal to govern sealing issues relating to the upcoming summary judgment motions to be filed in this case. pic.twitter.com/LHatnIskTx
— James K. Filan 🇺🇸🇮🇪 111k (beware of imposters) (@FilanLaw) September 8, 2022
“Under the joint proposal, the Parties would further be required to file public, redacted versions of all documents within 21 days of the Court’s rulings on the omnibus sealing motions.”
That said, not everyone viewed this collaboration as fruitful. Stuart Alderoty, general counsel at Ripple criticized the SEC’s efforts to regulate cryptocurrencies. Be it in the past or now- describing the SEC and its efforts to regulate crypto. He quoted,
“Make no mistake, this is a political power grab (it’s not the law and it’s not good policy) and it’s at your expense.”
But that’s not the only litigation to consider, still many such disputes didn’t see the end; still pending. For instance, the motions to exclude expert testimony (“Daubert” challenges) were filed under seal on 12 July. But disputes regarding sealing the motions and the expert reports and deposition transcripts remain unsettled.
As per the scheduling update (as it stood on 6 September), James Filan added,
— James K. Filan 🇺🇸🇮🇪 111k (beware of imposters) (@FilanLaw) September 6, 2022
But when would all this end? That’s exactly the top question that remained unanswered for quite sometime now. However, this time, Attorney Jeremy Hogan, an XRP proponent and US legal counsel opined,
“Circle September 19 as the day we get to see (most of) the cards the parties are holding! Ripple v. SEC The endgame. It’s getting me excited (I’m weird like that).”
But again, if this comes true or not- that’s a separate debate all together.
Yes, the lawsuit witnessed many exciting updates/litigations over the years with each side taking turns to censure the other. But at what cost?
John Deaton, a prominent figure and founder of CryptoLaw asserted that SEC’s actions against XRP cost investors about $15 billion in losses. This means the money lost by XRP investors when the SEC, instead of limiting its charges to Ripple, decided to brand all XRP as securities.
Moving ahead to a positive scenario, XRP did sense the growing certainty towards it on CoinMarketCap. At the time of writing, XRP surged by >6% as it traded just shy of the $0.35 mark.
Needless to say, there’s a long road ahead- so gear up!!!