The much-anticipated end to the lawsuit slammed by the Securities and Exchange Commission (SEC) could be closer than expected.
According to recent documents shared by attorney Jeremy Hogan, a partner at the Hogan & Hogan law firm, there will be a one-hour settlement talk between the SEC and Ripple, 14-days after the close of fact discovery.
Should both parties reach an agreement, there is a possibility that the case could end in a settlement in April or May this year, attorney Hogan disclosed.
So far, Judge Sarah Netburn has seen all relevant case documents in-camera, including emails related to Hinman’s 2018 speech and Estabrook’s notes.
“She knows exactly what is in the emails, etc. If I am correct that the SEC is the problem child here, that could make a big difference. A good mediator can really work miracles sometimes,” attorney Hogan said.
The Settlement Could End in Ripple’s Favor
Although the previous settlement held months ago between both parties did not yield positive results, the next one slated to be held 14 days after the close of fact discovery is expected to end in favor of Ripple, given the amount of evidence against the agency.
“Yes, a one-hour settlement discussion happened a couple of months ago. It didn’t settle, which means that the next most likely settlement time would be at mediation (see arrow below), which will be hosted by the one and only JUDGE NETBURN who has seen ALL the documents in camera,” the XRP community-friendly attorney said.
Yes, a one hour settlement discussion happened a couple of months ago.
It didn't settle which means that the next most likely settlement time would be at mediation (see arrow below) which will be hosted by the one and only JUDGE NETBURN who has seen ALL the documents in camera. pic.twitter.com/yDARTALdaf
— Jeremy Hogan (@attorneyjeremy1) March 1, 2022
With the amount of evidence seen by Judge Netburn, there is a huge possibility that the SEC could be convinced to enter into the mediation program, where the settlement could be discussed.
Delay Hurting XRP Investors
The cryptocurrency community has widely observed the lawsuit, which started in December 2020.
The case has resulted in several U.S.-based cryptocurrency exchanges halting support for Ripple (XRP), thus hurting investors in the process, as the coin’s value has dipped significantly ever since.
While an outcome could have been reached a few months after the suit started, the SEC is accused of using delaying tactics, which have seen the case drag on for months.
A few days ago, Ripple CEO responded to the SEC’s opposition to the production of the Estabrook’s note, a move he believed was another delay tactic employed by the agency.
A favorable settlement would see U.S.-based exchanges enable support for XRP leading to widespread adoption of the cryptocurrency and further boosting the coin’s price.