Cypher
AltcoinCryptocurrencyCryptocurrency RegulationNewsRipple (XRP)

A Judge Will Soon Provide A Big Written Ruling In The Ripple Case, Says Defence Lawyer

James K Filan, the defense lawyer in the lawsuit between Ripple and SEC, stated that the judge might offer a summary judgment earlier than the expectation. The lawyer, who formerly served as a federal prosecutor, mentioned that it was likely for the judge to combine the majority of the awaiting matters to be resolved in a single ruling. Before the announcement of the final verdict, the court requires deciding on 3 prominent issues.

Ripple’s Defense Attorney Expects the Judge to Shortly Offer a Ruling on the Case

These take into account the reports regarding Hinman, the expert reports, as well as the rest of the records that the SEC presented. Filan expressed his expectation that Judge Torres would not drag the sealing motions (including the Hinman documents’ sealing) as well as the expert motions separately in advance of ruling on what sections are relevant among them to decide the summary judgment.

The lawyer added that the judge would potentially make a joint decision on everything and this would require decisions on the motions regarding the summary judgment. As per Filan, it would be a big written ruling, citing a case dealing with Goldman Sachs in which judge Torres ruled on analogous matters.

Cypher

On the 2nd of December, both the parties in the lawsuit (including the SEC and Ripple) redacted their reactions to the motions filed by each other for summary judgment. As per the motion of Ripple, the opposition brief of the SEC validated that the motion of the defendant for summary judgment needs to be granted.

📰 Also read:  Crypto Privacy Tools: What Are They And How Do They Work?

In the reply from Ripple, the entity which is prosecuted alongside Chris Larsen and Bradley Barlinghouse, it mentioned that the SEC is not in the position of showing that any sale or offer of XRP (the local token of the crypto exchange Ripple) was a sale or offer of some investment contract and, thus, security in line with the federal securities law.

The crypto exchange also disclosed that the lawsuit has been moving on for a couple of years and included the things like motion practice, discovery, and pleadings. It specified that the other side was still not able to prove the allegations raised by it against the crypto exchange.

A Favorable Judgment Will Benefit the Entire Industry, Says Ripple’s General Counsel

While making remarks on the filings of Friday, the general counsel of Ripple – Stuart Alderoty – disclosed that they were confident in having established a resilient defense, signifying that a supportive outcome would be beneficial for the whole industry of cryptocurrency. In the words of the general counsel, they submitted their conclusive filing and asked the court to provide a judgment in their favor.

According to him, they have always been straightforward with the court but he could not say that in the case of their rival. Brad Garlinghouse, the CEO of Ripple Labs, supported the sentiments expressed by the general counsel and appreciated the contributions made by the defense team of the platform. In this respect, he noted that the crypto exchange remained resilient and endured the attack of the SEC.

📰 Also read:  Leading the Charge in Crypto Innovation: An Exclusive Interview with the CEO of Stake.ch

The CEO added that he would keep on moving by the right side in terms of justice. Filan moved on to say that it is expected Judge Torres to deliver a ruling over the 3 matters in advance of the 9th of January 2023. The defense lawyer emphasized that a summary judgment in the lawsuit (which has been dragged for a considerable time) would potentially come much more rapidly.


Tokenhell produces content exposure for over 5,000 crypto companies and you can be one of them too! Contact at info@tokenhell.com if you have any questions. Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by Tokenhell authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content or banners (ad space) posted on the site. Read full terms and conditions / disclaimer.

📰 Also read:  The 5 Best Crypto Exchanges for Altcoin Traders and Investors

Cypher

Mubashar Nawaz (United Arab Emirates)

Mubashar Nawaz is an experienced crypto writer working for Tokenhell. Having passion for writing, he covers news articles from blockchain to cryptocurrency.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Close
Skip to content