SEC vs Ripple: Big Reveal Coming on Monday, Oct 24th?

Paigambar Mohan Raj
Source: Coincu News

The SEC vs Ripple lawsuit has grabbed the crypto community as the outcome would bring in changes applicable to the entire industry. In a recent tweet, lawyer and CryptoLaw founder John E Deaton revealed that 440 exhibits were filed under seal. However, the lawyer stated that many of the exhibits will be made public on Monday.

The lawyer highlighted that many of the filings will be more “explosive” (in emoji) that the previous ones. Many of the SEC-Ripple exhibits have hundreds of pages, the lawyer revealed. However, which of the exhibits will be made public, is yet to be known. Moreover, the public will only get redacted versions of the briefs. The public will not get access to the “56.1 statements, counter statements, exhibits, deposition testimony, etc., until late December or January.”

Key upcoming dates

As parties are anticipated to submit publicly redacted versions of the opposing briefs, October 24th continues to be a significant reveal day.

The parties would submit their temporary sealed summary judgment reply briefs on November 15th. The parties would then meet and consult on November 17th to determine the redactions requested by each side in the reply briefs.

Another significant date is November 21st when the parties submit publicly redacted versions of the reply papers. The parties are anticipated to submit an omnibus move to seal all records pertaining to the summary judgment motions on December 9th. The parties will thereafter submit opposition to omnibus motions to seal on December 22nd.

Ripple CEO Brad Garlinghouse expected the lawsuit to conclude in the first half of 2023.

XRP crowd sentiment grows in anticipation of the SEC-Ripple lawsuit?

According to analysis firm Santiment, XRP is showing significant crowd bullishness. Although the sentiment is “far from euphoric,” the negativity and bearish outlook has faded to quite an extent.

It is possible that investors are expecting more positive news from the lawsuit. Ripple has had quite a few small victories along the way. Many are even expecting the crypto firm to win the battle against the agency.

At press time, XRP was trading at $0.463230, up by 2.1% in the last 24 hours.