Attorney and crypto legal expert Jeremy Hogan says that the lawsuit between Ripple Labs and the US Securities and Exchange Commission (SEC) may have entered into its worst-case scenario.
The lawyer tells his 205,000 Twitter followers that a new delay in the short schedule requested by the SEC is likely to push the case well into next year.
“This schedule is the exact WORST-case scenario that attorney Filan posted the other day.
The Ripple case is going into 2023.
I’ve NEVER seen a plaintiff want to delay a case this much. Only defendants (normally) delay. Why bring a case and then postpone the justice you seek?”
hogan contrasts the SEC’s lawsuit against Ripple to its suit against decentralized video-hosting platform LBRY, noting the discrepancy between when they were filed and when they are slated to finish.
“In contrast, look at the SEC v. LBRY case schedule. The lawsuit was filed three months after the Ripple lawsuit and will finish six months sooner.
Everything about the Ripple case is strangely backwards.”
James K. Filan, an attorney closely tracking the XRP suit, disclosed that both Ripple and the SEC filed jointly to push back opening briefs for summary judgment and expert challenges to August and closing briefs to a few days before Christmas.
Filan says that agreeing to the delay may have been a smart move by Ripple Labs to finally lock in a deadline.
“Many people are questioning why Ripple agreed to this schedule. My gut feeling is that there was a trade-off. A longer briefing schedule but the elimination of the pre-motion Rule 56 practice. If Ripple didn’t agree, there would be more scheduling disputes that in my estimation would have taken up even more time and Ripple would have lost that battle if the past is any guide. Then the motion schedule would have gone well into 2023. In my opinion, this was a very smart move by Ripple in locking in this schedule.”
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