The long-ongoing lawsuit between the United States Securities and Exchange Commission (SEC) and Ripple is set to reach a turning point this week. On Friday, the parties are expected to propose a timeline for a summary judgement.
However, Ripple lawyer James Filan pointed out that while Ripple is ready to push forward, the SEC will almost certainly buy more time. Filan stated that the regulator has repeatedly attempted to postpone proceedings and has recently been successful in getting an extension.
Filan believes that the SEC will continue to postpone the case’s proceedings. He stated that it would be surprising if the commission agreed to the motion without any obstacles. However, if both parties can agree on a conclusion, the court’s job will be made easier.
The crucial lawsuit’s proceedings have already been slowed significantly. Meanwhile, the reopening of expert discovery over Dr. Metz’s report and the defendant’s rebuttal report filing has been added to the case’s delay list until May 13.
Attorney Filan hints that both parties will summon each other’s reports in some way. The updated reports are expected to be included in the summary judgement process.
Filan anticipates that all briefings on a summary judgement will be filed only in October or November. He went on to say that one of the judges presiding over the case, Judge Torres, has a complicated process for filing motions for summary judgement.
According to John Deaton, a lawyer representing XRP holders, the SEC’s pre-motion letters will be crucial for both parties. The letters could provide more information on what to review in ongoing class actions against the SEC.
According to Deaton, there are approximately 16 experts involved in this case. If the parties ask the judge to waive the pre-motions letters, the lawyers will have to wait or find another way to obtain more information.
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