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Recent developments in the ongoing lawsuit may push the conclusion of the case to the end of the first quarter of 2023.
Since Judge Analisa Torres made amendments to the Joint Schedule Order letter written by Ripple and the Securities and Exchange Commission (SEC), a lot has happened along the line, which has been factored into the schedule of the ongoing lawsuit.
While XRP holders are hoping that the case will end this year, these recent developments could see the lawsuit extended until next year.
Attorney James K. Filan, a legal expert with substantial knowledge of the matter, suggested in a recent update on Twitter that the Ripple v. SEC lawsuit may be concluded on or before May 23, 2023.
#XRPCommunity #SECGov v. #Ripple #XRP Updated schedule and status as of May 26, 2022. pic.twitter.com/jkRopw0nFG
— James K. Filan 🇺🇸🇮🇪96k+ (beware of imposters) (@FilanLaw) May 26, 2022
Ripple v. SEC: Updated Schedule
On the issue of the deliberative process privilege (DPP) and the attorney-client claim over William Hinman’s 2018 speech that declared Ethereum (ETH) as a non-security, attorney Filan asserted that the issue could be a possibility linger well into June or July this year.
Recall that after the SEC was ordered to surrender Hinman’s documents to Ripple, the agency made another effort to keep the document away from Ripple on the grounds that it is protected by the attorney-client privilege.
However, Ripple objected to this claim, which prompted the SEC to support its argument with another motion. Attorney Filan noted that if the SEC is further compelled to produce the document, the agency will still file another objection, but this time under Judge Sarah Netburn, as part of efforts to keep Hinman’s document away from Ripple.
Depending on when Judge Torres makes a decision over Hinman’s documents, the SEC will have a deadline of 14 days to object to the ruling before Judge Netburn.
If the SEC objects, attorney Filan stated that the Defendants will also respond to the objections, with Ripple’s reply due to be submitted on or before 14 days.
There is also the likelihood that either party may seek an extension of time to file their response, just like it has happened recently.
Notably, if the SEC is ordered to surrender the documents to Ripple, the agency, which looks poised to protect the documents at any cost, may be forced to file a DPP interlocutory petition with the Second Circuit.
Although attorney Filan believes the SEC’s attempt to get clearance to file an interlocutory appeal will be successful, he added that it will take some time before a decision is made, which will further drag the lawsuit.
While the parties may still be on the Hinman documents, attorney Filan noted that Ripple’s motion to compel the SEC to provide answers to certain questions, as filed on May 18, may be attended to.
The SEC’s motion to object to Ripple’s request is due by June 2, 2022, while Ripple’s reply to the objection will be submitted on or before June 13, 2022.
Also, on the issue of Amici’s motion to participate in the lawsuit’s expert challenge filed recently by attorney John Deaton, the SEC had already been granted a time extension to object to the motion, which makes its objection due on June 7, 2022, while any response to that effect must be filed on June 10, 2022.
Attorney Filan added that all motions to exclude expert testimony are expected to be filed by July 12, 2022, with oppositions and replies, scheduled for August 9, 2022, and August 30, 2022, respectively.
That said, motions for summary judgment for undisputed facts must be filed by September 13, 2022, while opposition and replies to these motions are due by October 18, 2022, and November 15, 2022, respectively.
Final Decision Could Linger Till Next Year
With all this in place, the briefing will be complete and the cryptocurrency community, especially Ripple, will be waiting for a final decision on the lawsuit from Judge Torres.
Although many believe the lawsuit may end this year, given the SEC’s delay tactics, several developments may come up along the line that could push the case further into next year.
Based on these developments, attorney Filan concluded that his best guess as to when Judge Torres will make a decision on the Expert Motions and Summary Judgment motions will be on or before March 31, 2022.
Meanwhile, Ripple CEO and founder Brad Garlinghouse noted that while the development has so far been in the company’s favor, the case has continued to move at a slow pace.