Ripple-SEC Lawsuit Nears Conclusion, Former U.S Prosecutor Predicts March 2023

James K. Filan, a former federal prosecutor for the United States and legal analyst, has released scheduling updates for the long-standing XRP lawsuit filed against Ripple by the United States Securities and Exchange Commission (SEC).

The lawsuit, which began in late 2020 during the days of Walter Joseph Clayton, contends that XRP, the Ripple digital token was sold as an unregistered security. The U.S. securities watchdog, SEC, under the chairmanship of Gary Gensler, advanced the crypto lawsuit and it has continued to linger.

The former federal prosecutor, James Filan, has predicted that the Ripple-SEC lawsuit would be wrapped up (summary judgment) on or before March 31. 2023.

Read Also: SEC Files Reply Brief to Defend Its Refusal to Release Hinman’s Speech Drafts

According to Filan, “it’s my expectation that the Summary Judgment motions will be filed under seal on September 13, 2022, at least preliminarily, until either District Judge Torres works out what can be filed publicly and what will remain under seal or the parties otherwise agree on the sealing issues.”

“I am sticking to my prediction that District Judge Torres will decide both the Expert Motions and the Summary Judgment motions at the same time – on or before March 31, 2023,” he wrote.

For this to play out, he noted that motions for Summary Judgment must be filed by September 13, 2022. Also, oppositions to the motions for summary judgment must be filed by October 18, 2022. Then, replies to those must be filed by November 15, 2022.

However, there are still many disputes that are in the process of being briefed. According to Filan, “the Motions to Seal portions of the Oppositions have already been fully briefed but any Motions to Seal portions of the Exclusion Motion Replies must be filed by September 9, 2022, and any Response to those Motions to Seal must be filed by September 16, 2022.”

It is worth noting that the DPP and attorney-client privilege battle over William Hinman’s documents has been fully briefed. However, the final decision from District Judge Torres is pending. “I have no prediction on when the Hinman email dispute will be fully and finally resolved,” James K. Filan commented. 

In 2018, William Hinman while still an official at the SEC made a statement that has turned out to be a determining factor and bone of contention in the Ripple-SEC case. 

Read Also: John Deaton Reveals that Hinman Received Over $9 Million from an Ethereum-Related Firm

The then finance officer asserted that Ethereum (ETH) isn’t a security. By implication, XRP should not be regarded as a security because the two top cryptos are similar, John Berry, an Ex-SEC official concurred. 

The SEC continued to employ different tactics to withhold the drafts and documents surrounding William Hinman’s speech, even at the request of the presiding Judge. This could also be among the reasons the lawsuit lingered. 

As stated by Brad Garlinghouse, the CEO of Ripple, a win for Ripple in the case would be a win for the entire crypto industry. Should the SEC succeed in the ongoing case, Garlinghouse noted that Ripple would move its services away from the United States.

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