• 15 June, 2024
News

Ripple and SEC Starts Filing Replies to Oppositions to Motions for Summary Judgment

Ripple and the U.S. Securities and Exchange Commission have begun filing their replies to the oppositions to the motions for summary judgment under seal as the case nears a conclusion.

The public will be able to access the redacted versions of the summary judgement reply briefs by December 5, 2022, after the parties have made the necessary redactions.

Before making the most recent filings public, Ripple and the SEC will meet and discuss redactions. The redacted responses are also expected to include responses to a slew of amicus briefs filed by supporters of Ripple and the SEC.

According to James K. Filan, a former federal prosecutor and pro-Ripple lawyer, there is a chance for summary judgement redacted replies to be filed before December 2, 2022.

This is based on the fact that the redacted summary judgment motions were due on September 19 but were filed on September 17, and the redacted oppositions were due on October 24 but were filed on October 21. So, expect the Redacted Replies to be filed early as well,

Filan said.

In 2022, there have been murmurings that Ripple would win the case, and there is no indication that the company is in trouble. According to CEO Brad Garlinghouse, the case is expected to be resolved in the first half of 2023, and Ripple would accept a settlement if the SEC loses. Ripple has also received backing from a number of cryptocurrency companies, including the crypto exchange Coinbase.

In September 2022, both the SEC and Ripple filed motions for summary judgement. The judge ordered the SEC to turn over documents from former SEC executive William Hinman, which referred to a speech in which Hinman stated that ether was not a security. Ripple believes this will help its cause.

Garlinghouse himself said in an interview that he expected the judge to make a ruling rather than the case going to trial.

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