The Securities and Exchange Commission [SEC] called out Ripple back in 2020 for allegedly selling unregistered securities. The crypto platform has been dealing with a lawsuit for quite some time now. With no room for settlement and constant delays by the SEC, the case made its way into 2022 as well. However, the Judge preceding the case, Analisa Torres certainly did not want to carry the case to 2023. As a result, she went on to roll out a new schedule for the case.
Just last week, the court revealed that the opening briefs for summary judgment were required to be filed by Ripple and SEC at the beginning of August this year. The closing briefs were scheduled to be carried out just before Christmas on 20 December 2022. However now, in a new document put forth by Judge Torres, the summary judgment is required to be fully briefed by November itself.
As per the latest schedule, the SEC and Ripple are mandated to file any sort of motion that eliminates expert testimony by 12 July 2022. The opposition would have to be put forth by 9 August 2022 and replies would have to follow suit by 30 August 2022.
Motions for summary judgment are required to be filed before 13 September 2022. Oppositions and responses should be presented by 18 October 2022. This would be concluded with the filing of any potential replies by 15 November 2022.
Is the latest schedule change beneficial to Ripple?
Ripple has been trying to prove that SEC is not a security for years now. Regulators from across the globe have also displayed support. Yet, the SEC seemed to be stringent about its decision. Throughout the case, the SEC made blatant demands further delaying the lawsuit.
Several in the community speculated that the revision in the schedule would most likely benefit Ripple.
Meanwhile, XRP was seen witnessing a significant drop in its price. The altcoin, at press time, was trading for $0.63 with a 3.03 percent plummet over the last 24-hours.