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Ripple vs. SEC is expected to be decided in early 2023

 


Ripple's battle to defeat the US Securities and Exchange Commission (SEC) in a case that has dragged on since December 2020 is set to last until early 2023, according to an update from Stuart Alderoty , Ripple's general counsel.


The case revolves around XRP, a cryptocurrency launched by Ripple Labs.


On December 22, the SEC announced that it had indicted Ripple Labs Inc. and two top executives over the sale of $1.3 billion in unregistered securities. The regulator said the security offering was “ ongoing ” and allegedly related to Ripple’s sales of XRP.


Essentially, the SEC said that XRP is a security. Ripple and its top executives, on the other hand, have claimed that securities regulators' allegations are completely false. Myriad details have come to the fore for Setidem, including comments from former SEC officials.


The case hurts XRP holders

Saturday's update from Alderoty and Defense Attorney James K. Filan means we still have a full two years to wait for the case to be resolved.


" It now looks like a decision will come in 2023 -- and every day that goes by hurts U.S. citizens who were essentially victims of an SEC-contrived process, " Alderoty said in one Twitter thread .


Filan pointed to the same likelihood, explaining in a tweet that both the SEC and Ripple had filed a joint planning letter to seek resolution of the case. According to him, the parties have proposed to start opening briefs for summary judgment in August.


The timeline also accounts for all Expert Challenges, with the final briefings then expected " a few days before Christmas ".


SEC delaying tactics

The SEC's apparent delaying tactics as the case progressed allegedly played a role in Ripple's decision to agree to a joint filing. Because of this, XRP holders will have to wait a long time for a possible solution.


Alderoty sagte:


" To those asking if this is a joint submission - yes it is. But based on the SEC's track record, the next iteration very likely would have been even longer if we hadn't agreed ."



So the XRP community is still waiting. As already mentioned, it is the investors who suffer most from this.


XRP price

XRP traded around $0.71 after the news, almost 40% down from the highs set in April 2021. This surge to highs near $2.00 on April 14 was the altcoin's best since the all-time high of $3.40 in January 2018.


Cryptocurrency market cap has also shrunk, taking XRP from third place behind Bitcoin and Ethereum to sixth at the time of writing at $34.3 billion.

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