2 years ago
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The SEC v. Ripple lawsuit is taking longer than many in the XRP community were expecting although attorney James K. Filan had warned that there were no indications that “either party will go quietly into the night”.
The SEC v. Ripple lawsuit has been dragging in the eyes of many executives and investors within the trading industry, particularly the digital asset space, leaving many questioning “why is the lawsuit taking so long?” and “when will the lawsuit end?“.
Many legal experts, on the other hand, have said time and again that the SEC v. Ripple is unlikely to have an ending this year, although anything can happen as a settlement deal could go down at any time.
We’re still in the middle of the discovery phase after the Judge moved the dates twice. The deadline for the expert discovery has been moved from Friday, November 12 (tomorrow) to January 14, 2022.
Tomorrow, however, is likely to be the most important date in the XRP lawsuit this month as it is still the deadline for the exchange of Expert Rebuttal Reports.
It is most likely that we’ll be hearing from the court and both parties throughout the rest of the month, but the next scheduled day on the lawsuit agenda comes in December.
December 6 is the deadline for the SEC to comply with the Judge’s order regarding the discovery disputes, including identifying any term in the XRP sales contract that could create an expectation of profits and explaining if Ripple’s efforts were necessary to affect the price of XRP.
The SEC is also required to file hundreds of answers to Ripple’s RFAs (Requests for Admission) regarding XRP sales offshore. The RFAs relating to the fair notice defense might not be answered if the Judge grants SEC’s motion to strike the fair notice defense, which seems to be unlikely.
The plaintiff might also be required to answer whether the XRP ledger was “fully functional” when the sales took place in 2013. On that, the Hogan attorneys commented on a hidden gem, where the SEC contradicts itself.
There are a number of pending document deliveries, such as Ripple’s Slack communications and Ripple’s recordings on XRP sales and marketing.
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