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The SEC v. Ripple litigation has been ongoing since December of last year, with both plaintiffs and defendants attempting to persuade the court of their respective points of view. Every subsequent judgement has had a significant influence on not just the parties involved, but also the outcome of the case.
Until recently, the court was dealing with a slew of motions. Despite Ripple’s objections, the court finally agreed to allow the regulatory body more time for discovery. With this judgement, the case is certainly poised to be extended longer, and the discovery phase will now complete only on October 16th.
The aforementioned court ruling has undoubtedly stalled the momentum that the defendants had until a few weeks ago. Commenting on similar lines, popular attorney Jeremy Hogan said,
“Time is NOT on Ripple’s side and every time the SEC says they want this over quickly, it is lying. It [the SEC] wants to WIN and every week that goes by helps it.”
Unsurprisingly, the SEC wants to delve deeper and has now been granted permission to call more deponents to testify. The regulatory agency does not appear to be in a hurry to complete this investigation. After all, the decision of this case would set a precedent for future legal actions. Hogan continued,
“The more time goes by, the better for the SEC’s settlement position.”
Here, it’s worth noting, however, that contrary to what is popular perception, Hogan believes that the pace of the case has been pretty impressive.
“Believe it or not, this case, even with the 60 day delay, is moving fast for a case this size.”
At this point, the chances of a settlement cannot be entirely eliminated. It should be emphasised, however, that a settlement would take place only after the conclusion of the fact discovery, the time for which has already been extended. According to some, such as Stefan W. Huber, a settlement may not be such a bad deal after all.
The SEC’s request for additional time was approved, but most of the SEC’s request for additional filings was denied. Ripple’s request to deny the additional time was denied, but the request for additional filings was approved.
— Stefan W. Huber 💫 (@Leerzeit) June 17, 2021
Furthermore, with the change of government in the United States, members of the XRP community are hoping that the new Chairman of the Securities and Exchange Commission, Gary Gensler, would personally get engaged in the matter. That, according to Hogan, is not going to happen.
“Obviously, no settlement happened in May and I truly believe that new Chairman Gensler is not going to get involved.”
Furthermore, summary judgement motions must be submitted within 30 days of the conclusion of discovery. The judge’s decision to postpone discovery for 60 days alters the timelines. The attorney, on the other hand, feels that 60 days is only a “blink of an eye to the rock.” In light of the current situation, he went on to say,
“But then when you add in responses and responses to responses and then maybe Sur-replies…probably not but you never know – I don’t see the case being decided at summary judgment until early 2022 – maybe January.