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HomeCrypto NewsRipple Supporters May Wait Until Next Year Before SEC Lawsuit Will End

Ripple Supporters May Wait Until Next Year Before SEC Lawsuit Will End

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John Deaton said Ripple supporters may have to wait until next year before a verdict is given in the  lawsuit filed by the Securities and Exchange Commission (SEC) against the project.

Deaton, who is currently representing more than 65,000 XRP holders, recently took to Twitter to respond to recurring questions from the XRP community about when the SEC v Ripple case will come to an end.

According to the attorney, the XRP community may see the case resolved either by settlement or judgment in the next 90 days only if the judge rules that the SEC internal document be produced or that the documents do not have to be produced to Ripple. 

Reason for the Delay 

However, the mixed ruling, made by the judge stating that the SEC does not need to produce all the documents, could drag the case on for the next few months, adding: 

“Today’s decision on allowing the SEC to file a motion to reconsider is terrible news related to the timing issue. Without question, today’s decision will cause more delay.” 

Narrating how the lawsuit will be delayed, Deaton said motion papers will be served on February 25, 2022, with the judge expected to take up to two weeks to issue a ruling. 

The losing party will be left with no choice but to appeal the ruling in another 14 days, pushing the lawsuit to mid-April, while Judge Torres may likely take another 30 days or more to reconsider the appeal.  

SEC Lawsuit is a Weapon 

Deaton noted that even though interlocutory appeals for matters related to discovery motions are not allowed, there is a tendency that the SEC may attempt to file one, causing a delay of another 60 days or more. 

Ripple’s attorney said the lawsuit filed against Ripple is nothing but a weapon, adding that the SEC is not planning to enforce security laws as claimed. 

Since the SEC objected to his Writ of Mandamus, giving the court the power to validate whether Ripple is a security, the regulator would have submitted the relevant documents, which would enable the court to test the validity, Deaton said. 

“I submit to the Court and the World, delays hurt #XRPHolders more. But that seems to be lost on everyone – except us,” Deaton concluded.  

Recall that the SEC, in December 2020, charged Ripple with selling $1.3 billion in unregistered securities and the case has been ongoing ever since. 

 

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Albert Brown
Albert Brownhttps://thecryptobasic.com/
Albert Brown is a cryptocurrency investor and journalist who has been in the nascent space since 2017. His love and passion for technological innovations made him delve deeper into the world of blockchain and cryptocurrencies. As a journalist, Brown has written on several crypto-related topics that have been referenced by popular industry players like Tyler Winklevoss, Binance CZ, etc.

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