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SEC vs Ripple lawsuit: Delays expected as new developments emerge

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The ever-lasting lawsuit between the Securities and Exchange (SEC) and the fintech firm, Ripple began in December 2020. Since then, the lawsuit witnessed allegations of constant delays, the case hasn’t come close to a conclusion yet. The SEC time and again doing everything it can to delay. This time is no different as there are talks of further delays.

Whatever the outcome be, one thing is certain. XRP holders had suffered in the past, it would suffer again considering the further delay.

Stalling like a boss

The SEC, unsurprisingly, had applied for an extension on numerous occasions. On 15 April, SEC filed a request for an extension of time to file its objection to Magistrate Judge Netburn’s Ruling on the motion for ‘reconsideration of the DPP ruling‘.

But this time, both the parties seem to agree with this delay in timeline. Needless to say, this decision didn’t receive the traction it had wished for amongst the XRP community.

According to a recently filed letter published by the attorney James K. Filan, the SEC, Ripple, and Individual Defendants, Chris Larsen and Brad Garlinghouse, agreed that all motions for summary judgment and to exclude experts’ testimony must be filed on or before 2 August, 2022. The expert challenges would reportedly take place in August followed by closing briefs by 20 December 2022.

Although this recently filed Joint Scheduling Order wouldn’t apply to motions to challenge the testimony of Anthony M. Bracco, who proposed available remedies in his expert report.

Overall, this delay injected surprising reactions on the crypto twitter. James Filan, in a following tweet gave his narrative. Filan suggested that the scheduled agreement was mostly a trade-off. Elaborating on why Ripple would have agreed, Filan added,

In addition, the General Counsel at Ripple, Stuart Alderoty in an 23 April tweet opined that SEC promoted such delays. Alderoty asserted:
“To all that have been following the case thus far – thank you. Know that Ripple is pushing hard (and the Court is working hard) to resolve the case as soon as possible, despite the SEC time and again doing everything they can to delay.”
Further highlighted that the said resolution would come in 2023, ergo, inflicting more pain to XRP holders. Around ‘$15 billion in XRP market cap destroyed the day the suit got filed, hurting the very people the SEC purports to protect.’

Nightmare comes to life 

Attorney Jeremy Hogan, a partner at Hogan & Hogan law firm, expressed his displeasure with the scheduling order as he compared Ripple’s lawsuit with that of LBRY. Note that, both Ripple and LBRY are being charged by the Securities and Exchange Commission for breaching its laws.
Whatever, the case, XRP suffered indefinitely given this ever-lasting lawsuit. XRP suffered a fresh 3% correction as it traded around the $0.71 mark.
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Shubham is a full-time journalist at AMBCrypto. A Master's graduate in Accounting and Finance, Shubham's writings mainly focus on crypto-regulations across the United States and Europe. Also, a die-hard Chelsea fan #KTBFFH.

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