The long-running lawsuit between the U.S. Securities and Exchange Commission (SEC) and Ripple is set to reach a major breakthrough this week. The two sides are scheduled to propose a schedule for a summary judgement on Friday.
But Ripple attorney James Filan highlighted that while Ripple will likely push for a faster schedule, the SEC is bound to buy for more time. Filan noted that the regulator has repeatedly attempted to delay proceedings, and recently succeeded in gaining an extension.
Proceedings much slower than Ripple wants
Filan believes that SEC will continue its trend to delay the proceedings in the case. He said it would come as a surprise if the commission agrees to the motion without any obstacles. However, if both parties can agree to the conclusion then it will make the proceedings easy for the court.
The crucial lawsuit has already seen much delay in the proceedings. Meanwhile, the re-opening of the expert discovery until May 13 over Dr. Metz’s report and the defendant’s rebuttal report filing has been added to the delay list of the case.
Attorney Filan hints that both the parties will somehow summon each other reports. The revised reports are expected to be part of the summary judgment process.
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I don’t think we will see a schedule that contemplates briefing beginning in June. I think that a more realistic timeline for summary judgment motions would be opening briefs in either July or August
-James K. Filan
Filan expects all briefings over a summary judgement to only be filed by October or November. He added that Judge Torres, one of the judges presiding over the case, also has a complicated process for filing motions for summary judgement.
Class actions against SEC to benefit from XRP case?
John Deaton, a lawyer representing XRP holders, said that the pre-motion letters filed by the SEC will be important for both sides. The letters could provide ongoing class actions against SEC with more information on what to review.
Deaton said that there are around 16 experts in this case. However, if the parties ask the judge to waive the pre-motions letters then the lawyers will have to wait or figure out a way to gain additional information.
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