Ripple’s battle to defeat the US Securities and Exchange Commission (SEC) in a case that has dragged since December 2020 is set to go into early 2023, according to an update sharedStuart Alderoty is the General Counsel at Ripple.
Ripple Labs’ cryptocurrency XRP is the focus of this case.
The SEC was established on December 22nd. announcedRipple Labs Inc., and two of its top executives were charged with selling $1.3 billion in unregistered securities. The regulator said the securities offering was “ongoing,” allegedly referring to Ripple’s sales of XRP.
Essentially, the SEC was saying that XRP was a security. Ripple and its top executives have maintained that the securities watchdog’s accusations are outright false. Many other comments, including those from ex-SEC officials, have been made.
It’s hurting XRP holders
Saturday’s update from Alderoty, and defense lawyer James K. Filan, means it’s going to be a whole two years of waiting for the case’s resolution.
“It now looks like a resolution will come in 2023 – and each day that passes is hurting US citizens who were essentially the victims of a rug pull by the SEC,” Alderoty said in a Twitter thread.
Filan pointedThis was confirmed by Ripple tweeting that they had both filed a joint scheduling request for a resolution. He stated that the parties had proposed that summary judgment opening briefs begin in August.
The timeline also caters to any expert challenges, with closing briefs then expected “a few days before Christmas.”
SEC’s delay tactics
SEC’s apparent delay tactics over the course of the case ostensibly played a role in Ripple’s decision to agree to a joint filing. It’s the reason why XRP holders will have to endure the long wait for a potential resolution.
“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.”
To all that have been following the case thus far – thank you. Keep in mind that Ripple and the Court are working hard to resolve the case as quickly as possible, despite the SEC’s repeated attempts to delay. https://t.co/bP0shaNBOa
— Stuart Alderoty (@s_alderoty) April 22, 2022
The XRP community continues to wait. As noted earlier, it’s the investors who are ‘hurting.’
Today’s price for XRP
XRP traded at $0.71, almost 2% lower than the previous 24 hours and nearly 40% below the April 2021 highs. That run to highs near $2.00 on 14 April was the altcoin’s best since the surge to the all-time high of $3.40 in January 2018.
The market cap of cryptocurrencies has also fallen, putting XRP down to sixth with $34.3 million.