XRP holders will have to wait until 2023 for Ripple vs. SEC resolution

Sahana Kiran
Source – Unsplash

The Ripple vs. SEC case has been going on for the longest time now. From blatant allegations to constant delays, the case hasn’t come close to a conclusion yet. This anticipation will persist longer as a resolution is likely to occur right before 2023.

The world wants to know if XRP would be categorized as a security. However, the Securities and Exchange Commission’s demands for documents concerning all things XRP slowed the case down. While several speculated that this lawsuit wasn’t going to reach its end, defense lawyer James Filan affirmed that both the parties had filed a joint scheduling letter for the summary judgment. The expert challenges will reportedly take place in August followed by closing briefs by 20 December 2022.

The XRP community has been growing impatient. The latest delay further enraged several XRP holders. Hence, Filan took to Twitter and detailed the reason behind the delay. Filan suggested that the scheduled agreement was mostly a trade-off. Elaborating on why Ripple would have agreed, Filan added,

“A longer briefing schedule but the elimination of the pre-motion Rule 56 practice. If Ripple didn’t agree, there would be more scheduling disputes that in my estimation would have taken up even more time and Ripple would have lost that battle if the past is any guide. Then the motion schedule would have gone well into 2023. In my opinion, this was a very smart move by Ripple in locking in this schedule.”

How is XRP reacting to the case?

Now, as this case persists, Stuart Alderoty, the General Counsel of Ripple pointed out how crypto talent, tech as well as wealth is moving onto the government as opposed to the industry. This would in turn initiate loss to XRP holders as well.

Additionally, at press time, the altcoin was trading for $0.7096 with a 3.27 percent drop over the last 24-hours. The entire week was unfavorable for XRP as it dropped by nearly 10 percent.