As the highly publicized lawsuit between Ripple (XRP) and the Securities and Exchange Commission (SEC) progresses, more information has become available.
According to a recent document released in a tweet by attorney Jeremy Hogan, the blockchain payment corporation anticipates the litigation to be resolved between August 26 and November 18, 2022.
Ripple has requested that the ongoing class action be rescheduled from the previously agreed date of August 26, 2022 to November 18, 2022, according to the letter, clarifying that:
"The parties agree that there are economies in having some portions of the SEC action precede key dates in this action due to the overlap of factual and legal problems between this case and the SEC action."
The reduction of the issues in the dispute as a result of the postponement, according to the blockchain business, would lessen the burden on the parties, expedite discovery in the case, and perhaps reduce the load on the court.
Mr. Hogan also stated that Ripple expects to win the SEC case in September or October, after which the class action would be dismissed owing to collateral estoppel, which prohibits a party from relitigating an issue settled in a previous litigation, even if the issue is related to a distinct claim.
The SEC v. Ripple story is coming to a close.
In December 2020, the SEC filed a complaint against Ripple and two of its executives for allegedly selling over $1.3 billion in unregistered XRP between 2013 and 2020.
The agency presented two legal memos from law firm Perkins Coie to the blockchain startup as proof. Ripple had requested legal guidance on a number of concerns related to the issuing of its digital tokens, and the memoranda were issued in response.
Instead of utilizing the memoranda as an example of proactive compliance, the SEC used them "as a sword, or as a sledgehammer," according to the Ripple General Counsel.
The corporation has also filed an opposition to the SEC's Motion for Partial Reconsideration and Clarification, as well as Judge Netburn's Deliberative Process Privilege (DPP) order, characterizing it as an attempt by the SEC to obtain a "do-over."
On February 28, Ripple's CEO Brad Garlinghouse took to Twitter to debunk reports that Russia was using XRP to circumvent SWIFT and other restrictions. Mr. Garlinghouse declared unambiguously that RippleNet complies with international law and the restrictions imposed by the US Treasury's Office of Foreign Assets Control (OFAC).
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