Legal expert Jeremy Hogan announced on Twitter that the legal proceedings between Ripple and the US Securities and Exchange Commission (SEC) will end on November 18, 2022. As evidence, he cited an agreement to postpone the deadline.
According to the petition, Ripple has proposed to the SEC that the class action be rescheduled from the previously agreed date of August 26 to November 18 to expedite the trial.
"Because of the overlap of factual and legal issues between this case and the SEC action, the parties agree that it is effective for certain aspects of the SEC action to precede certain deadlines in that action," the document said.
According to Ripple, narrowing the range of issues in the dispute as a result of the delay will reduce the burden on the parties, speed up the resolution of the case, and possibly make it easier for the court to decide.
Hogan said that Ripple is going to win the case with the SEC in September or October, after which the class action will be dismissed due to lien estoppel, a legal principle that prohibits a party from reconsidering an issue resolved in a previous lawsuit, even if it is related to another claim.
Hogan warns that delays and extensions have often occurred during the course of the trial, so there is no guarantee that the case will be closed on Nov. 18.
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Moreover, the case can end at any time with an amicable agreement. XRP investors took the news as a positive signal, as the protracted litigation and uncertainty brought them big losses. Ripple's general counsel has repeatedly criticized the SEC for dragging the case in its favor.
Recall that in 2018, a class action lawsuit was filed against Ripple Labs, its CEO, and subsidiary. The plaintiffs alleged that the defendants violated state and federal securities laws by engaging in schemes to raise hundreds of millions of dollars through the sale of unregistered stock tokens. Then the SEC joined the case and, in fact, the trial turned into a confrontation between the regulator and the company.
In February, former SEC chief executive Joseph Hall said that the defeat of Ripple would negatively affect the regulation of cryptocurrencies.
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