Ripple vs SEC lawsuit is now moving to another level where both parties may work to decide time frame for the case with expected particular dates.
Ripple is a San Francisco-based Fintech firm, which is known to provide payment services globally with the use of its XRP ledger technology. However XRP ledger of Ripple operates on a Blockchain-based Network and remains under full control of the Ripple company, so basically, Ripple operates its XRP decentralized token on its centralized blockchain network. At present, Ripple is under legal hurdles because of the lawsuit filed by US regulatory body SEC.
On 20 April, John Deaton, founder of crypto law, shared some important details about the Ripple Vs SEC lawsuit and noted that on Friday of this week, both the parties may submit a “joint proposed scheduling order to Judge Torres”.
This filing will include the deadline to submit summary judgment motions and the date to respond to each summary judgment motion, in this future case activities.
Johan noted that both parties may show agreement from the beginning of June to the last of June, under mutual settlements situation.
“All we know so far is that Ripple was pushing for mid-May. I think the parties will agree to an early June deadline for motions with responses due by the end of June.”
Recently Judge of the Ripple vs SEC lawsuit denied to re-consider the document, in which the statement of Former SEC Hinman was included. In the beginning, documents were supposed to be very important for the case but, SEC denied supporting document consideration later SEC tried to support the consideration legally. In these situations, SEC was found something not precise and was not fair with its past statements on the same matter.
In December 2020, US Securities and Exchange Commission (SEC) agency filed lawsuit against Ripple company. SEC claimed that Ripple’s XRP token is a security, which is not registered, and also the company sold more than $1.3 billion worth of XRP tokens publicly against Securities law.