Ripple XRP Lawsuit Update: Is This The Worst Case Scenario?

According to a joint letter from both parties in the SEC v. Ripple lawsuit, opening briefs for summary judgment and expert challenges will be submitted in August of 2022. This is an important update on the Ripple XRP lawsuit. Briefs for the defense would be due by the end of the year. We’ll keep a close eye on the case. Make sure to check out this article on what the Hinman documents have to do with the Ripple vs. SEC case.

Ripple XRP Lawsuit Updated Timeline

Here’s what XRP holders’ attorney John Deaton said, in his own words.

Pursuant to the court’s March 23 order, both parties have entered the following briefing schedule:

  • Opposition papers must be filed by November 2, 2022, in response to motions for summary judgment and Rule 56.1 statements.
  • The deadline for motions for summary judgment, Rule 56.1 Statements, and motions to exclude expert testimony is August 2, 2022.
  • The deadline for responses to oppositions is December 20, 2022.

Security law attorney and XRP community member James K. Filan has claimed that a realistic timeline for summation briefs is either July or August with the deadline to complete all briefing set at either October or November.

Filan also noted the recent ruling in a Goldman Sachs case by Judge Torres, which she says would support the assumption that a court decision is unlikely until some months after the end of the hearing.

That being said, the court would have to keep the same waiting period in the XRP lawsuit, taking into account that briefs are due on December 20, 2022, in order for the case to conclude by the first half of 2023.

Despite this, this schedule would still apply under a summary judgment scenario. However, a settlement is still a distinct possibility because of the possible threat that Hinman’s ghost could pose to the SEC. If the courts side with the SEC and validate the documents that were uncovered, it is more than likely that the SEC will reach out for a settlement.

Is A Settlement Possible For The Ripple Labs vs. SEC Lawsuit?

A settlement between Ripple Labs and the Securities and Exchange Commission has always been widely expected in this situation, much like in any other case in the United States.

What is pre-trial settlements in SEC litigation? Eighty-six percent of all SEC cases are settled before trial, with about six in ten settlements taking place before litigation and about nine in ten in discovery.
There will be a trial by jury in the SEC v. Ripple case, so they’re less and less likely to settle.

As per court order, both parties are required to work together to reach an agreement concerning the scheduled court hearing this week.

Judge Torres Issued A Summary Judgment & The Goldman Sachs Case

While summary judgment motions are still pending, Ripple’s lawyers likely believe that the decision about the Hinman documents and emails is imminent, which is why they want to move on to summary judgment before this issue is decided.

For reference, the attorney reminded Magistrate Judge Torres, who had issued a summary judgment ruling in a recent case involving discrimination against Goldman Sachs, had just completed the case back in November.

Due to the complexities of the SEC v. Ripple lawsuit, Filan predicts that the case is unlikely to be resolved by summary judgment this year.

Since Filan has predicted that the case against Goldman Sachs would be completed by November-October 2022, the XRP lawsuit will end sometime between February-March 2023.

You can also get Coinbase (NASDAQ: COIN) CEO’s thoughts on crypto regulations and the XRP lawsuit here.

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Legal Favor

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