As the Ripple Vs SEC lawsuit inches closer to a crucial court date, there has been speculation on the possible outcomes and their repercussions.
One such is the issue surrounding settlement. Founder of Crypto Capital Venture Dan Gambardello, believes that a case of settlement would be “epic for crypto” and will be historic for the cryptocurrency industry as a whole.
“A Ripple settlement could be epic for crypto. Potentially a defining moment to ring at the bottom of the bear market”.
The summary judgement briefs will initially be filed under seal, by both Ripple and the SEC no later than November 30. The two sides will meet on December 2 to talk about the redactions for the court papers.
The briefings from Ripple and the SEC will be released to the public on December 5, a few days later. The omnibus motions to seal all of the supporting documents for the summary judgement motions will be submitted on December 22.
The motions for a summary judgment were filed in the Southern District of New York.
Bill Morgan, a well-known Australian attorney, and crypto enthusiast also feels that November 30 would determine how the litigation will turn out. One of the trial’s most revealing documents could be among those that will be made public on December 5, according to Morgan.
The Ripple reply may be one of the most telling documents filed in the case to date and certainly one of the top few I have eagerly awaited.
Meanwhile, Ripple’s Ripple’s legal team continues to engage the SEC head-on while sharply criticizing its enforcement practices toward the cryptocurrency industry.
Ripple VS SEC Battle Intensify
The general counsel for Ripple cited the SEC’s recent annual report, in which the regulator lauded itself. According to the report, the commission brought 760 enforcement actions this year, an increase of 9% from the previous year.
SEC in the report claimed that it had imposed a record $6.4 billion in penalties and restitution on behalf of investors. This was an increase from the $3.852 billion in the fiscal year 2021.
“I continue to be impressed with our Division of Enforcement. These numbers, though, tell only part of the story,” said SEC Chair Gary Gensler. “Enforcement results change from year to year. What stays the same is the staff’s commitment to follow the facts wherever they lead.”