XRP adherents may have to wait until the first quarter of 2023 for the Ripple vs SEC lawsuit to be finalized following a new plot twist in the case’s timeline. As per a court document posted by James Filan, a former U.S. prosecutor, Judge Torres granted the SEC’s Motion to Extend the time for all parties to file Reply Briefs.
“Reply Briefs are now due November 30 2022, and the deadline for filing Amicus Briefs is November 11, 2022.” Filan tweeted.
This emerged after the U.S. Securities and Exchange Commission (SEC) requested the court to extend the deadlines for filing reply briefs to the parties’ motions for summary judgement and for filing motions to seal the summary judgement materials. The regulator also indicated that they were not opposed to filing any additional amicus briefs, requesting Ripple to consent to the extension “to prevent the need for additional extension requests.” According to Filan, with the parties’ replies pending, the lawsuit could drag into next year.
“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,” wrote Filan, sharing a corrected scheduling update Friday.
Meanwhile, with the odds of the case tilting primarily against the SEC, the XRP community hopes that Judge Torres will give a ruling in favour of Ripple. Under Gary Gensler’s stewardship, the SEC continues to face mounting criticism. So far, over 12 briefs in support of Ripple have been filed with the New York Court.
According to Ripple CEO Brad Garlinghouse, the large number of amicus briefs filed was unprecedented. “They each explain – in their own unique way – the irreparable harm the SEC will do to every facet of the US crypto economy if it gets its way,” Garlinghouse, one of the defendants in the lawsuit, tweeted.
Last month, the SEC Office of Inspector General issued a withering review of Gensler’s leadership, accusing him of bulldozing crypto-related issues despite the lacking jurisdiction over crypto. That said, whereas a win for Ripple is expected to have a far-reaching effect on the crypto-ecosystem, it will also help bolster XRP prices towards the cryptocurrency’s all-time high.
At press time, XRP was trading at $0.48 after surging by about 5% in the past 72 hours. However, the price is still far from its all-time high, down roughly 87%.