SEC and Ripple: Can the Lawsuit Come to an End?
The ongoing feud between the regulatory watchdogs (SEC) and San Francisco-based fintech firm Ripple continues to make headlines. The lawsuit started at the end of 2020 - still unsuccessful. But can the latest submission FINALLY be the end of this forever story?
In the latest developments on September 8, Plaintiff (SEC) and Defendant (Ripple) filed a joint proposal as assessed by James Filan sign
, a famous lawyer.This will govern sealing issues regarding upcoming summary judgment motions to be filed in this case.
Ergo, both sides sought court permission, so Judge Torres said the same. Accordingly, filing guarantees complete public access to the summaries of the parties to the XRP lawsuit.
“As a joint proposal, the Parties would be required to submit public, redacted versions of all documents within 21 days of the date of the Court's decision on the sealing motion. fully encapsulated.”
That said, not everyone sees this partnership as productive. Stuart Alderoty, general counsel at Ripple has criticized the SEC's attempt to regulate cryptocurrencies. Be it past or present - describe the SEC and its efforts to regulate cryptocurrencies. He quote,
"Make no mistake, this is a political power struggle (it's not law and it's not good policy) and you have to pay the cost."
But that is not the only lawsuit to consider, there are still many such disputes with no end; still waiting. For example, moves to exclude expert testimony (the “Daubert challenges”) were sealed on July 12. But the disputes involve sealing the motions and reports of expert and transcript deposition remains unresolved.
According to a scheduling update (as of September 6), James Filan added,
But when will all this end? That is exactly the top question that remains unanswered so far. However, this time, Attorney Jeremy Hogan, an XRP proponent and US legal advisor chose,
“September 19 is the date we get to see (most) of the coins. cards that the parties are holding! Ripple v. SEC Game over. That got me really excited (I'm so weird). ”
But again, if this turns out to be true or not - that is a separate debate.
Yes, the case has seen many fascinating updates/suits over the years with each side taking turns criticizing the other. But at what cost?
John Deaton, a well-known figure and founder of CryptoLaw asserts that the SEC's actions against XRP cost investors about $15 billion. This means that XRP investors lost money when the SEC, instead of limiting its fees to Ripple, decided to treat all XRP as securities.
Moving towards a positive scenario, XRP has felt increasing certainty towards it on CoinMarketCap. At the time of writing, XRP was up & gt; 6% as it trades just away from the $0.35 mark.
Needless to say, there's a long way to go- so get ready!!!
Sep 09, 2022