XRP Holders' Lawyer Shares Key Facts Amid Summary Judgment Delay
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The XRP community appears to be growing tired of the much anticipated summary judgment (SJ) in the lawsuit between American blockchain payments firm Ripple Labs Inc and the United States Securities and Exchange Commission (SEC). With the waiting period already in its seventh month, XRP holders' lawyer John Deaton has shared some key facts to ponder amid the delay.
Deaton's consolatory facts
According to John Deaton, Ripple Labs is not the only firm waiting on a decision from Judge Analisa Torres, a revelation he shared to help prevent people from jumping to conclusions. Deaton cited the Thor Equities case as another pending case before Judge Torres, whose reply briefs were filed when Ripple Labs and the SEC made their own filings.
The @Ripple & SEC Reply Briefs were filed in December. Thus, Judge Torres’ decision is now at 7 months.
— John E Deaton (@JohnEDeaton1) July 10, 2023
Ripple isn’t the only one waiting, however. In the Thor Equities case, also before Judge Torres, the Reply Briefs were also filed in December. Judge Torres hasn’t yet ruled.
With impatience in the community growing, Deaton revealed that in the New York District Carpenter's fund case, Judge Torres' summary judgment ruling took over eight months from the reply briefs.
The Ripple v. SEC lawsuit has lingered for more than two years, and the community is eager to put this episode behind them and chart a new growth course for the firm, XRP, and its associated innovations. As a vocal advocate and stakeholder with interest in the case, John Deaton reassured the community that Judge Torres may be taking her time because she is aware of the magnitude of her decision.
Alex DovbnyaPotential end in sight?
Both John Deaton and Ripple Labs CEO Brad Garlinghouse have predicted earlier that the case should have been resolved by now. With general expectations now heightened, experts are refraining from offering any additional predictions as to when the case might end.
However, a series of scenarios have been painted depending on whom the summary judgment will favor at the end of the day. A likely redress at the Supreme Court is generally not ruled out, a scenario that will effectively add about five years before the case is completely settled.
Arman Shirinyan
Dan Burgin
Alex Dovbnya