Here Is Why SEC Is Working With Ripple Defendants! How Long Will The Case Drag?

The legal battle between Ripple, and the Securities and Exchange Commission (SEC) in the United States is intensifying by the day. Rarely does one witness two adversaries working together under the same banner. A once-in-a-lifetime chance.

Ripple & SEC Agree On Fee Award

Ripple and the SEC were allowed a two-week time delay to negotiate and agree on the proper attorney’s fee for deposing Dr. Albert Metz’s supplemental rebuttal report.

“Any application for attorneys’ fees as outlined in the Court’s April 19, 2022 order…” was due by May 27, 2022, according to the text approved. Both sides wanted the attorney’s fee deadline pushed back to May 27, 2022.

In a 27 May filing, the parties agreed on a fee award in connection with the Metz Supplemental Report and Deposition. Both Defendant and Plaintiff worked together to make the needed payment. The sum of the award has not yet been revealed. 

A well-known attorney, James Filan, shared this development on social media.

Dr. Metz is a witness for the SEC who suggests how did  Ripple’s action affect the XRP price during the digital currency transaction in 2013. As part of a bigger strategy to establish that the Defendants violated US securities laws.

This development elicited a variety of responses from the crypto community. Some people viewed the price as a “waste of tax money.” Others, on the other hand, merely wanted to get this litigation over with as early as possible.

How Long Until The Case See An End

Yes, XRP investors had hoped to see the litigation finish at the earliest. But that isn’t the case in this circumstance. They’d have to wait for the next year, according to the attorney’s most recent timeline.

Meanwhile, also the XRP price has plunged by 0.68% trading at $0.38 during the time of writing.