In the ongoing lawsuit between Ripple and the Securities and Exchange Commission (SEC), attorney John Deaton, who represents XRP token holders, has laid out a new timeline based on Judge Analisa Torres’s past decisions to predict when the Summary Judgment will be handed down.
Latest Update on the XRP Case
It’s worth recalling that Deaton previously estimated May 6, 2023, as a rough deadline for the decision, based on the judge’s record following the delivery of Daubert motions. However, this was only a rough estimate based on the average time taken in previous decisions involving Daubert motions.
Given the regulatory significance of the XRP case, it is well known that the Summary Judgment could be of crucial importance for the crypto market ecosystem in the United States.
The SEC, in its lawsuit against Ripple in 2020, alleged that the company sold XRP tokens as an unregistered security offering. Interestingly, several crypto industry companies have recently been dragged into lawsuits with similar allegations.
When to Expect the XRP Case Summary Judgment
There were many statements made in the past hoping for the case to end by the first quarter of 2023. These included comments from the XRP team. Attorney Deaton, in his new prediction, factored in the public disclosure of Hinman’s speech documents by June 13, 2023.
Attorney Deaton expressed in a recent interview that Judge Torres might probably deliver her decision by the end of September 2023. If the decision is rendered following the disclosure of all documents pertaining to Hinman, he stated, it would become more meaningful.
If a decision from the judge is not received by the end of September, I’ll be shocked. I absolutely will be shocked and I don’t think that will happen. It’s not a decision of this magnitude.
Meanwhile, crypto asset prices have recently stagnated following the easing of concerns over a U.S. banking crisis. However, according to experts, rising interest rates could boost market liquidity, benefitting risky assets like Bitcoin. Additionally, the conclusion of the debt ceiling discussions could have a profound impact on market conditions.
