A pseudonymous lawyer explains how Coinbase vs. SEC lawsuit will move faster than the regulator’s case against Ripple.
In a recent tweet, pseudonymous lawyer MetaLawMan asserts that the recently-filed Coinbase v. SEC lawsuit will move faster than the Ripple case.
According to the attorney, the Coinbase lawsuit will not linger like the Ripple case because it was filed in the Appellate Court, not a trial court.
Consequently, the Coinbase v SEC case will move faster because it excludes most of the trial court’s proceedings, especially the discovery stage, including depositions and document exchanges.
For context, the discovery stage of a lawsuit is the formal process of exchanging information between the parties about the witnesses and evidence they will present at trial.
The MetaLawman said the Coinbase v. SEC lawsuit will only involve “briefing and a hearing.”
1/ Here's what you should know about the @Coinbase suit against the SEC.
This will move fast–unlike the @Ripple case.
This case begins in the appellate court, not the trial court.
There will be no discovery (depositions and document exchange), just briefing and a hearing.
— MetaLawMan (@MetaLawMan) April 25, 2023
SEC v. Ripple Lawsuit
Recall that TheCryptoBasic reported earlier that the leading San Francisco-based exchange sued the SEC to compel the SEC to respond to its petition for rulemaking specific to digital assets.
It bears mentioning that the SEC v. Ripple lawsuit is in a trial court. On December 21, 2020, the SEC charged Ripple and two of its executives- Bradley Garlinghouse and Chris Larsen- with offering unregistered securities in the form of XRP and raising $1.3 billion.
On March 3, 2021, Ripple and its executives officially responded to the SEC allegations by arguing that the regulator did not give fair notice that XRP violated securities laws.
The lawsuit has lingered for over two years, with cryptocurrency community members eagerly anticipating a ruling from Judge Analisa Torres.
Although the lawsuit is expected to end anytime soon, no one knows the exact date this will happen. Top Ripple execs like Garlinghouse believe Judge Torres will rule on the case within the first half of 2023.
Meanwhile, CryptoLaw founder attorney John Deaton, who believes Coinbase will have a fair notice defense than Ripple, speculates that the Judge’s ruling might come on or before May 6.
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