SEC’s Request Denied In Court; Is Ripple One Step Closer To The Finish Line?

The ongoing litigation between Ripple and the SEC has kept everyone apprised of the latest developments. Nicole Tatz, an attorney who has been working with Brad Garlinghouse’s team from the beginning of the litigation, suddenly resigned from her role representing Ripple in the dispute.

The anticipation among investors that December would be a turning point of epic significance for Ripple was building steadily. The deadline for submitting summary judgment papers was extended to November 30, which raised everyone’s hopes. 

The Chief Executive Officer of Ripple, Brad Garlinghouse, believes that the lawsuit will not go to trial and that it will be resolved in the first half of 2023. Everyone here is keeping their fingers crossed that the judge will rule in Ripple’s favor.

Judge Torres Grants Ripple’s Request

In a related development, presiding Judge Analisa Torres of the Ripple vs. SEC case has issued an order addressing the parties’ August motion to seal papers related to the expert challenges, generally known as Daubert Motions.

The order requested a decision that would seal and redact certain documents placed by the parties in an effort to exclude expert evidence, as requested by the U.S. Securities and Exchange Commission (SEC).

Ripple argued that its sealing petition would safeguard its highly private business information and the legitimate privacy rights of third parties, while the SEC claimed that its request was required to protect the identity of its expert witnesses.

To further safeguard their privacy and proprietary information, MoneyGram and an unnamed third party requested that some papers filed in support of the parties’ Daubert Motions be partially redacted.

In the SEC’s action against XRP, Judge Analisa Torres partially sided with the agency. As noted in the judgment, the court did not grant the commission’s request to exclude information about the consulting companies that assisted the commission’s expert witnesses. It does, however, approve the watchdog’s motion to redact the papers it submitted in support of its Daubert Motions.

In Conclusion

Ripple supporters are still in the dark since the date for the settlement is being challenged at this time. John Deaton, an advocate for XRP who is also an attorney, thinks the verdict will not be given until late April or early May 2023.

According to Deaton, the earliest possible date for the court to provide a decision would be March 31. This is due to the fact that there are many pages of documentation that need to be reviewed by the court before rendering a verdict.

Ripple may not necessarily be assured of a victory at the conclusion of the lawsuit as a result of the latest judgment made by Judge Torres, but this is undoubtedly a success for Ripple on a smaller scale.

Despite this, XRP buyers are keeping their positions open in the event that the lawsuit is decided in their favor. If Ripple were to prevail in this case, it would imply that XRP would be excluded from the definition of a security that the SEC has maintained for a significant amount of time.