Ripple Aims For Ultimate Win As Case With The SEC Inches Towards The ‘End Game’ ⋆ ZyCrypto
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- Ripple Labs and the Securities and Exchange Commission (SEC) have filed a joint proposal that hints at a quick resolution of the case.
- The proposal was made to ensure easy and timely access to each party’s instructions.
- The SEC and Ripple Labs have been at loggerheads since 2020 over the company’s executives’ alleged sale of unregistered securities.
After months of legal drama, the saga between the SEC and Ripple Labs may be nearing its end, with both sides agreeing to show each other their cards.
On Thursday, the parties in the case wrote a letter to Hon. Analisa Torres is seeking court approval of a joint motion to regulate future summary judgment motions to be filed in the coming weeks. The SEC, Brad Garlinghouse and Chris Larsen accepted a joint motion on unsealing issues before filing for summary judgment.
If the judge approves the request, both sides will have access to details of the briefings and other previously unseen documents. The parties agree that edits will be minimal and upon approval will consider a possible edit schedule.
The arguments of the parties according to the proposal are “ensures that all sealing issues can be brought before the court as a whole and not in parts, and gives the parties sufficient time to meet and negotiate.”
The schedule agreed to by the parties begins with the unsealing of all materials on September 1, including depositions and supporting affidavits. On the 15th, the two sides will meet to discuss the edits each side plans to make, and on the 19th, the parties will “file public, edited versions of the summary judgment motions.”
“Circle September 19th when we get to see (most) of the cards held by both parties!” tweeted Jeremy Hogan, partner at Hogan and Hogan. “The end game. That gets me excited.”
In addition to the joint motion, the court’s timetable stipulates that opening motions should be filed on September 13, while the opposition is expected to file its own on October 18.
Some guiding principles must be followed, and editing is generally permitted to protect trade secrets or other confidential information.
The endgame is here
Since the beginning of the case, Ripple Labs has shot down rumors of a settlement with the SEC and insisted on taking the matter to court. However, some experts have drawn conclusions from the recent joint proposal as a sign that a reconciliation may be in the works. Others have argued that the settlement would be considered a loss for the SEC because it would set precedents for other projects in the area.
Both sides have made small gains since the case began more than 20 months ago. In July, XRP enthusiasts were excited by a trial judge’s decision to deny the SEC’s claim of attorney-client privilege over a former commissioner’s 2018 speech that said Ethereum was not a security.