December 2022 makes the XRP lawsuit, where the United States Securities and Exchange Commission is the plaintiff while Ripple Labs, Bradley Garlinghouse, and Christian Larsen are the defendants, exactly two years long.
The uncertainty about the conclusion of the complicated crypto lawsuit steered John Deaton, the attorney representing over 75,000 XRP holders, to initiate a Twitter poll on Wednesday. Notably, Deaton presented only two options – a settlement or a verdict. The staunch XRP proponent mentioned that the option of the case being wrapped up at the Summary Judgment stage would have been added in the poll but not for the limit on the blue app.
It might interest you to know that a greater percentage of the XRP community believes the legal tussle between the SEC and Ripple would end in a settlement. Whereas some expect the lawsuit to be concluded with a verdict from the presiding Judge. Out of the 17,231 voters, 10,200 users (59.2%) said the case would be settled while 7,030 (42.9%) participants expect the case conclusion to come as a verdict from the judge, at the time of writing.
— John E Deaton (@JohnEDeaton1) December 28, 2022
A settlement is simply an agreement that ends a dispute and results in the voluntary dismissal of a court case. Therefore, a settlement in the Ripple-SEC lawsuit means that the SEC would have to agree that XRP is not a security which will result in the dismissal of the court litigation.
While the Gary Gensler-led SEC has said nothing about settling, Ripple CEO Brad Garlinghouse revealed what would make the crypto solutions company agree on a settlement with the securities agency.
While some community members perceive this to be a positive outcome, Cardano founder Charles Hoskinson noted that a settlement in the XRP lawsuit would be catastrophic for the crypto industry.
Reacting on the settlement issue in the SEC vs. Ripple Labs litigation, January Walker, a United States Congressional candidate opined that Ripple settling with the U.S. regulatory agency would be a loss to crypto and web3.
According to an updated scheduling update published by James K. Filan, a U.S. defense lawyer, as well as a recent disclosure from the Ripple CEO, the XRP lawsuit is expected to conclude around mid-2023. As earlier reported by TimesTabloid, Garlinghouse noted that if the SEC wins the case, Ripple would move its cross-border payment services away from the United States.
However, Attorney John Deaton, Attorney Jeremy Hogan, and several other crypto supporters firmly believe the SEC would be defeated. Also, recent developments in the case proceedings go further to show that the San Francisco-based financial firm would win.