XRP Lawsuit News: The Securities and Exchange Commission (SEC) launched lawsuit against Ripple Labs Inc. and two of its executives is expected to bring regulatory clarity to the digital asset market. However, there might be a further delay in the much awaited Summary Judgment of the XRP lawsuit.
Ruling To Delay In XRP Lawsuit?
Attorney James Deaton, XRP holders’ lawyer in the Ripple vs SEC lawsuit, dropped massive news around the closing deadline for summary judgment. He stated that there is no such March 31 deadline as of now. There is a list of motions that have been pending for over 6 months.
He added that these motions might be sent in at the end of March and the end of September.
Another attorney following XRP lawsuit, Bill Morgan mentioned that the US SEC in its Summary Judgment motion memorandum states that Ripple’s counsel Andrew Ceresney met with then US SEC Director Bill Hinman in September 2019. It was then advised to register offerings of XRP or stop offering them. Read More XRP Lawsuit News Here…
Judge To Form Decision Soon?
This argument is expected to absorb more time while forming a decision in the Ripple lawsuit. However. Deaton highlighted that the 6 month list won’t impact the case unless Judge Torres doesn’t issue a ruling by September.
Attorney informed that a list by the court will go out by March 31, 2023 and the Ripple Vs SEC case won’t be on it as her ruling hasn’t been pending for 6 months. It is expected that it will be the end of September when the case would be reported.
Considering the outcome of the XRP lawsuit, Attorney suggested that 2025 would be the earliest the crypto industry might get regulatory clarity. However, Ripple winning the crucial lawsuit won’t affect the regulations much as the war will still continue in the federal courts.