Ripple’s battle with the U.S. Securities and Exchange Commission recently took a turn, which could delay the case for months. According to a legal expert, this extension means that if Ripple is expected to settle with the SEC, it will now be postponed to at least January 2022.
Hogan: Ripple to Restore its Business Capabilities and Clarity in Future
Attorney Jeremy Hogan reviewed the latest developments in the case in his latest Legal Briefing video. In the past, he had considered whether a settlement agreement could be reached and what this would look like. If so, according to Hogan, Ripple will try to restore its business capabilities and the clarity of the state of XRP in the future.
“The judge pushing back discovery 60 days changes all the timeframes,” the lawyer revealed. According to him, there doesn’t seem to be an agreement until the discovery is complete. This seems likely to be the case after September 16th. Thereafter, both parties have 30 days to submit their requests for an interim judgment. Once you’ve examined the response to the request, he’ll push for an agreement by at least January next year, a year and a month since the case was first filed.
SEC Filed 70 Other Lawsuits Against Other Crypto Companies
Hogan also investigated other developments surrounding the case. One of them is that the US Securities and Exchange Commission snuck into arguments that it failed to put forward in its motion to support the allegations. As reported by CNF, the regulator alleged that Ripple was fairly informed because it could have borrowed a sheet of more than 70 other lawsuits it filed against other crypto companies. It even referred to Cornerstone’s report, which described the sued crypto company and urged judges to seek justice: “It’s a strategy to smuggle all these cases through the back door into the dispute.”
However, according to Hogan, this would not be the case. Ripple also denied this new SEC argument, and his attorney told the court:
“The SEC is triply wrong: the Court may not properly take judicial notice of the Cornerstone Report; the facts it contains are not undisputed; and if the Court were to consider the cases cited in the report, they support Ripple, not the SEC.”
Hogan reminded the XRP community that despite the ups and downs of minor litigation in court, only two points are critical to the case. The first is whether XRP is a security and the second is whether Ripple has reasonable notice.
“There are some minor battles going on, and there are some big ones. Don’t read too much into the small battles. Those will be won or lost, but all that really matters are the two big ones.”