With new threads constantly emerging and the hearings successively dragging on, predictions are multiplying as to when the Ripple vs. SEC case should find its end. One of the people sharing their current vision of the situation is attorney James K. Filan.
Market waits, SEC seems to be stalling
Both XRP token holders and the rest of the crypto market are constantly watching the Ripple vs. SEC case while hoping for it to come to an end as soon as possible. There have already been suggestions that it will be finalized in August or at the most December of this year. However, updates on the trial schedule indicate that the final verdict may come as late as 2023.
James Filan, a lawyer, shared his thoughts with over 100 thousand people on Twitter. His prediction is not optimistic. In his opinion, the current cut-off date for the proceedings could be May 23rd next year.
Pushing, appeals & objections
Such large discrepancies in the potential timing of the end of the legal battle have their origin in the SEC’s attitude towards Ripple’s request to include in the investigation notes belonging to Hinman suggesting that Bitcoin and Ethereum are not securities. The agency, cloaking itself in the privilege to protect such documents, has been successively appealing the court’s decision and doing what it can to keep the memos secret. Ripple reacts in this matter with further motions, supported by the court of course, but meeting with renewed objections from the SEC. It is worth mentioning here that each new motion, as well as objections, require time to be filed. As a rule, it takes up to 14 days.
Filan gives as an example the current situation in which the SEC is about to file an objection to Ripple, for which it has until June 2. In turn, the deadline for filing a response from the XRP issuer’s representatives will be June 13.
A long way to a final decision
Taking other aspects into account, the hearing schedule seems to be extending significantly. For example, motions to exclude expert testimony are due July 12, 2022. In contrast, objections and responses are due by August 9 and August 30, respectively.
Motions for judgment as a matter of so-called undisputed fact are due September 13, and objections and responses to those motions are due October 18 and November 15, respectively.
In the face of such a schedule, Ripple CEO Brad Garlinghouse recently noted that the proceedings are going very favorably for his company, but everything is moving at a very slow pace.