Attorney James K. Filan of Filan LLC has provided an update on the latest developments in the Ripple and SEC action.
The SEC has filed two motions following the earlier ruling on January 13th. The first motion is directed to Judge Netburn, requesting that the regulator’s motion filing deadline be moved from January 27 to February 17, 2022.
The judge granted the motion in part in the 13 January judgment, when Ripple Labs was seeking documentation from the SEC. A draft of former Director Hinman’s 2018 speech was among the materials. The SEC claimed that the deliberative process privilege protected these materials.
It’s worth mentioning that the director’s “personal” views on Ether not being a security were included in the speech, which is regarded significant to the argument. Despite Ripple’s objections, it appears that the SEC is buying time for the transfer of this draught by seeking partial review of the Order.
As part of its second move, the SEC has also requested an extension from Judge Torres.
The SEC is asking Judge Torres to wait until 21 days after Judge Netburn rules on the application for reconsideration before filing its concerns directly with Judge Torres, according to lawyer Filan. The regulator is requesting more time because all petitions for reconsideration and objections must be filed within 14 days of the original judgment.
Ripple Assured to Win by April 2022
The SEC’s lawsuit against the payments behemoth, according to Ripple community attorney Jeremy Hogan, might be resolved by April 2022. The price of Ripple has risen as a result of this.
Hogan, an XRP2 proponent and US legal counsel, expects that the case will be resolved soon. Ripple’s CEO, Brad Garlinghouse, is optimistic that the Securities and Exchange Commission’s (SEC) case will be resolved by April 2022.
In a CNBC interview, Ripple CEO Brad Garlinghouse updated users on the company’s progress in 2021. According to Garlinghouse,
“We’re seeing pretty good progress despite a slow-moving judicial process.”
In July 2021, Judge Sarah Netburn approved the deposition of William Hinman, a former SEC official. Proponents feel that so far, the court rulings have been in Ripple’s favour. The SEC vs. Ripple case was set for expert discovery on January 14, 2022.