XRP Holders Will Have To Wait Until 2023 For Ripple vs. SEC Resolution

The lawsuit of XRP vs. SEC has been ongoing for quite some time. The lawsuit has yet to reach a conclusion, despite blatant claims and persistent delays. This apprehension will last longer, as a resolution is expected to be reached before 2023.

The world is curious as to whether XRP will be classified as a security. The case was hampered by the Securities and Exchange Commission’s demands for documentation related to all things XRP. While some speculated that the case would never be resolved, defense attorney James Filan confirmed that the parties had filed a joint scheduling letter for summary judgment. Expert challenges are expected to begin in August, with closing briefs due on December 20, 2022.

The XRP community has been growing impatient. The latest delay further enraged several XRP holders. Hence, Filan took to Twitter and detailed the reason behind the delay. Filan suggested that the scheduled agreement was mostly a trade-off. Elaborating on why Ripple would have agreed, Filan added:

“A longer briefing schedule but the elimination of the pre-motion Rule 56 practice. If Ripple didn’t agree, there would be more scheduling disputes that in my estimation would have taken up even more time and Ripple would have lost that battle if the past is any guide. Then the motion schedule would have gone well into 2023. In my opinion, this was a very smart move by Ripple in locking in this schedule.”

How is XRP reacting to the case?

Now, as this case persists, Stuart Alderoty, the General Counsel of Ripple pointed out how crypto talent, tech as well as wealth is moving onto the government as opposed to the industry. This would in turn initiate loss to XRP holders as well.

Additionally, at press time, the altcoin was trading for $0.7096 with a 3.27 percent drop over the last 24-hours. The entire week was unfavorable for XRP as it dropped by nearly 10 percent.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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