After a lot of delays, Ripple holders and those following the case might have to wait till 2023 for a resolution.
An end in sight?
The Ripple vs SEC case has been a long drawn one, with constant delays and blatant accusations with no end in sight. In a tweet yesterday, defense lawyer James Filan made it public that both parties filed for a joint scheduling letter for summary judgment and expert challenges in August. he also added that the closing briefs of the case would be coming up a few days before Christmas this year.
This timeline looks long drawn and attracted a lot of questions from the ripple community. Responding to this concern Filan said in a tweet that “My gut feeling is that there was a trade off. A longer briefing schedule but the elimination of the pre-motion Rule 56 practice”. He also added that “If Ripple didn’t agree, there would be more scheduling disputes that in my estimation would have taken up even more time and Ripple would have lost that battle if the past is any guide,” and the consequence of this would have been a further delay of the resolution well into 2023. Filan considers this move by Ripple to lock in this schedule a smart one.
Following the announcement by Filan, Stuart Alderoty, the general counsel to Ripple labs took to Twitter to explain in a thread why the case might be over in 2023 and to restore confidence in holders.
Ripple is working hard to resolve the case ASAP despite delay
He started by thanking the Ripple community and all who have followed the case thus far. and also assured every one that Ripple is doing all it can to resolve the case in the shortest possible time. “Know that Ripple is pushing hard (and the Court is working hard) to resolve the case as soon as possible, despite the SEC time and again doing everything they can to delay” he said.
Furthermore, in Alderoty’s estimation, it looks like a resolution will come in 2023. He also stated that “each day that passes is hurting US citizens who were essentially the victims of a rug pull by the SEC. $15B in XRP market cap was destroyed the day the suit was filed, hurting the very people the SEC purports to protect”.
” Justice Delayed Justice Denied indeed”
Alderoty further berated the SEC chair for his anti-crypto stance and his activities aimed at creating market confusion.
Chair Gensler preaches “justice delayed is justice denied” when firms defend themselves from SEC bullying investigations / inquiries – quite the contrast from the SEC using every tactic at their disposal to keep this cloud of uncertainty over the market. Justice delayed indeed.
He also added that
Gensler refuses to offer any specifics whatsoever, and the SEC hasn’t sought to shut down any exchange b/c they know they don’t have any real jurisdiction over this $2T industry. In the meantime though – they’ll leverage every tactic to create market confusion
“Massive transfer of crypto talent, tech and wealth”
The US regulatory environment has not been favorable to tech and crypto start ups lately. Alderoty also weighed in on this issue stating that “Already, we’re seeing a massive transfer of crypto talent, tech and wealth moving offshore to jurisdictions with rational regulatory frameworks. Entrepreneurs are being advised to not start their projects in the US. How long can this be allowed to continue?”
Finally in response to the question if the filing was a joint filing between both parties, he said “to those asking if this is a joint filing – yes it is. But, based on the SEC’s track record, if we didn’t agree to this, the next iteration would have very likely been even longer”.