According to recent updates shared by James K.Filan, "The Parties are filing their Replies to the Responses to the Motions to Exclude Expert Testimony." Filan commented that these will be filed under seal until the sealing issues are briefed and Judge Torres decides what will be made public.
#XRPCommunity #SECGov v. #Ripple #XRP The Parties are filing their Replies to the Responses to the Motions to Exclude Expert Testimony today. As noted below, they will be filed under seal until the sealing issues are briefed and Judge Torres decides what will be made public. pic.twitter.com/26mVa6MyRh— James K. Filan 🇺🇸🇮🇪 110k (beware of imposters) (@FilanLaw) August 31, 2022
Both parties are expected to move to seal any portion of the filings together with proposed redactions filed under seal by Sept. 9 for exclusion motion replies, per the briefing timetable mutually proposed earlier in August. Responses to the motion to be sealed must be submitted by Sept. 16, as well as the exclusion motion replies.
Depending on the decisions that will be made and the motions that will be submitted, the remaining months of 2022 may be crucial in the dispute. By Sept. 13, motions for summary judgment are anticipated. Before Judge Torres makes her final decision, the opposition must be received by Oct. 18 and must be answered by Nov. 15. Filan predicts that Judge Torres' decision on expert motions and summary judgment might come on or before March 31, 2023.
$15 billion lost as result of lawsuit
According to CryptoLaw founder John Deaton, over $15 billion were lost because the SEC "intentionally chose not to limit the allegations against Ripple to specific sales made by Ripple and its executives but instead alleged all XRP, including secondary market sales of XRP, are unregistered securities."
Deaton was replying to a tweet from Messari CEO Ryan Selkis, who claimed that investors lost $1 billion to crypto fraud last year and another $7 billion as a result of the SEC's denial of a spot ETF. He also cited statements by Ripple CEO Brad Garlinghouse, who claimed that the company would ultimately spend $100 million on legal costs.
As reported by U.Today, Stuart Alderoty, Ripple's general counsel, criticized the SEC's approach to consumer protection in a recent op-ed. Alderoty contends that rather than protecting consumers, the SEC intends to leave them "holding the bag." He claims that rather than working with other regulatory agencies, SEC Chair Gary Gensler has taken an assertive regulatory stance.