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Ripple vs. SEC: The Cryptocurrency Trial of the Century

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The U.S. Securities and Exchange Commission and Ripple’s prolonged legal battle is about to come to an end.

A  leading defense attorney for the United States, James K. Filan, tweeted today with his over 138k followers that as of January 19, 2023, “everything is briefed” in the lawsuit.

This implies that the parties, Ripple and the SEC, have filed all required documents, including motions for summary judgment and motions to seal all documents pertaining to the summary judgment motions.

Filan’s tweet aims to inform the XRP community about any changes to the lawsuit’s scheduling. The information was extracted from the attached image: “Now we wait.”

The numerous briefs filed by the parties are currently being examined by Judge Analisa Torres in order to reach a conclusion.

Read also: Brad Garlinghouse Confirms Over Half of Ripple Transactions Now Through XRP

Comments From the XRP community

Members of the XRP community responded to the tweet in the comment section by appreciating Filan for keeping them informed throughout the lengthy case, which has lasted more than two years.

Jeremy Hogan, an attorney and partner at Hogan & Hogan was one of many who complimented Filan for his commitment to updating the crypto community.

John Deaton, a lawyer for the XRP community, also responded to Filan’s most recent scheduling update. Deaton called Filan’s most recent tweet regarding the Ripple v. SEC lawsuit “the best update ever.”

Read more: SEC Opposes Third Party’s Proposed Redactions in Ripple Case

SEC vs. Ripple Legal Battle

The SEC hit the cryptocurrency industry hard in December 2020 when it filed a lawsuit against Ripple and two of its executives, Brad Garlinghouse and Chris Larsen. The Securities and Exchange Commission alleged that Ripple and its executives offered unregistered securities in the form of XRP.

The lawsuit, nicknamed “the cryptocurrency trial of the century” by Forbes, is anticipated to establish a precedent for the U.S. crypto market going forward. A victory for Ripple might open the door for regulatory clarity in the US. But if the SEC wins, the agency would have a strong tool to pursue other cryptocurrency companies.

In earlier updates, Filan forecasted that Judge Torres’ ultimate ruling in the case would probably come before the end of March 2023.  

The CEO of Ripple recently told CNBC that he anticipates the company’s legal dispute with the SEC to be resolved in the first half of this year. Garlinghouse continued by stating that, given Ripple’s standing before the law, he is optimistic about the outcome.

“The case is now fully briefed in front of the judge […] We are optimistic that this will certainly be resolved in 2023, maybe the first half. We’ll see how it plays out from here, but I feel very good about where we are relative to the law and the facts,” he remarked.
According to a report, the CEO of Ripple stated in Davos that when Hinman’s emails “come to light,” people will be astounded by the SEC’s actions.

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