BREAKING: Ripple and SEC agree to XRP lawsuit timeline

Rick Steves

The SEC, Ripple, and the individual defendants agreed to conclude the briefing schedule before Christmas.

Both parties in the SEC v. Ripple lawsuit have filed a joint letter proposing a summary judgment briefing schedule.

According to the document, the defendants and plaintiff propose opening briefs for summary judgment and expert challenges in August 2022. Closing briefs would take place by end of the year.

“Worse than expected. All final briefs due December 20, 2022. Absent a settlement, end of March 2023 for a decision is now best case”, said XRP Holders attorney John Deaton.

Briefing from August 2 to December 20, 2022

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

– Motions for summary judgment, Rule 56.1 Statements, and motions to exclude expert testimony must be filed by August 2, 2022;
– Oppositions to any motions for summary judgment, responses to Rule 56.1 Statements, and responses to motions to exclude expert testimony must be filed by November 2, 2022;
– Replies to any opposition must be filed by December 20, 2022.

Securities law attorney and XRP community member James K. Filan has recently stated that a realistic timeline for summary judgment motions would be opening briefs in either July or August and then all briefing completed by either October or November.

Filan also pointed to a Goldman Sachs case in which Judge Torres has recently issued a summary judgment ruling to suggest that a court ruling would likely happen several months following the end of briefing.

Should the same waiting period apply in the XRP lawsuit, and taking into account that briefing will only end on December 20, 2022, then the XRP case could be over by March-April 2023.

Still, this schedule would apply under a summary judgment scenario. A settlement, however, remains a distinct possibility as the ghost of Hinman threatens the SEC. Should the court confirm its ruling on the SEC’s internal documents, it is now widely expected that the SEC will fold and reach out for a settlement.

“A settlement prior to a ruling, comes down to the emails and comments with edits and the 68 drafts of the Hinman Speech and whether the SEC will be forced to turn them over”, said attorney John Deaton.

Finance Feeds has spoken with Natalia Zakharova from retail and institutional broker FXOpen, who said a settlement could trigger a 150% rally in XRP.

Read this next

Retail FX

Investors from Cyprus and Dubai acquire ‘significant stake’ in M4Markets

Seychelles-regulated brokerage firm M4Markets firm has picked up some investment from Cyprus and Dubai based investors in a new funding round that it will be using to grow its business.

Executive Moves

UAE broker Amana elevates Amr Masry to sales director

Amr Masry has been promoted to a new senior role at Amana Capital, becoming the group’s newest Sales Director, following a successful tenure with the UAE-based FX and CFDs broker.

Executive Moves

TopFX promotes Omar Al-Janabi to head of sales and business development

Prime brokerage firm TopFX has strengthened its Middle East operations with the promotion of Omar Al-Janabi, who is taking on an expanded role as global head of sales and business development.

Retail FX

Plus500 says 2022 revenue to be ‘significantly’ ahead of analysts’ estimates

Israeli-based, but London-stock market listed Plus500 said it expects annual revenue and earnings to be ahead of analysts’ estimates even as trading levels normalised from record volumes in the first quarter.

Digital Assets

Crypto derivatives giant BitMEX launches spot market

Crypto exchange BitMEX is looking to branch out of its singular focus on crypto derivatives with a suite of new product offerings. Although derivatives are to remain at the heart of BitMEX’s business, the popular platform will add spot crypto trading as it aims to aggressively grow their user base.

Uncategorized

PrimeXM reports mixed trading volumes for April

PrimeXM has reported weaker trading volumes for April 2022, in line with other institutional and retail platforms that saw the activity of their clients dropped compared to a month earlier.

Digital Assets

DLT Finance approved by BaFin to support brokerage and custody of digital assets

DLT Finance is already partnered with big names within the digital asset space, including Kraken, Bitstamp, B2C2, and Bittrex.

Institutional FX

LUKB taps vestr to launch actively managed products, AMCs

The partnership with vestr goes to show the growing importance of digitising the active investment management space.

Digital Assets

Jewel taps Tokeny to launch stablecoin-as-a-service solution on Polygon

Jewel aims to offer a stablecoin-as-a-service solution to other digital asset and financial institutions B2B, allowing those businesses to provide cheaper, easier and near real time payments with stablecoins issued and redeemable directly at the bank level at Jewel.

<