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The infamous Ripple vs SEC lawsuit is finally approaching Summary Judgment, and the anticipation of cracking a settlement between the parties is on the top of everyone's heads. Meanwhile, the XRP holder's lawyer has cleared the air over this dispute. The lawsuit, filed on 22 December 2020, alleges that Ripple raised over $1.3 billion through illegitimate means. The SEC complaint also holds accountable Christian Larsen, Ripple co-founder, and Bradley Garlinghouse, the current Ripple CEO, citing that they made significant gains in the process.
If the SEC wins the case, XRP (the native cryptocurrency of the Ripple Blockchain) will be considered security rather than a currency in the US. This could, in turn, set a legal precedent that results in similar cryptos being classified as securities as well. Therefore, the case against Ripple is important for all stakeholders within the crypto space, including investors, blockchain innovators, and lawmakers worldwide.
Attorney James Filan shared updates related to the pending motions and the deadline for the same. He also highlighted the motions for summary judgment in the documents. According to the document, the date for filing statements on undisputed facts and motion for summary judgment is September 13, 2022. The last date to file oppositions for the motions for summary judgment and responses is by October 18, 2022. The replies to the oppositions must be filed by November 15, 2022.
Judge Torres had dismissed the SEC's argument regarding Deaton's submission of a response. Following this action, the attorney would get the option to criticize the SEC for adopting a contradictory stance.
Deaton added that the agency limited his ability to respond as he incorrectly labeled the petition. But the attorney for XRP opposed the use of the regulations. The court, meanwhile, suddenly agreed with Deaton.
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