More information has emerged as the headline-grabbing case between Ripple (XRP) and the Securities and Exchange Commission (SEC) progresses.
According to a recent document posted by attorney Jeremy Hogan in a tweet, the blockchain payment corporation anticipates the litigation to be resolved between August 26 and November 18, 2022.
According to the petition, Ripple has requested that the upcoming class action be rescheduled from the previously agreed-upon date of August 26, 2022, to November 18, 2022, stating that:
“Due to the overlap of factual and legal issues between this case and the SEC action, the parties agree that there are efficiencies in having certain aspects of the SEC action precede certain deadlines in this action.”
According to the blockchain firm, the narrowing of the issues in the dispute as a result of the postponement would lessen the burden on the parties, expedite discovery in the case, and perhaps lessen the load on the court.
Mr. Hogan also stated that Ripple believes it will win the SEC case in September or October, after which the class action will be dismissed due to collateral estoppel – a legal principle that prohibits a party from relitigating an issue resolved in a previous lawsuit, even if the issue is related to a different claim.
In December 2020, the SEC filed a lawsuit against Ripple and two of its executives, alleging that the blockchain startup sold over $1.3 billion in unregistered XRP between 2013 and 2020.
The agency presented as proof two legal memoranda obtained by the blockchain startup from law firm Perkins Coie. The memoranda were written in response to Ripple’s request for legal assistance on a range of problems relating to the issuing of its digital currencies.
Instead of utilizing the memoranda as an example of proactive compliance, the SEC used them “as a sword, or as a bludgeon,” according to the Ripple General Counsel.
The corporation has also just filed an opposition to the SEC’s Motion for Partial Reconsideration and Clarification, as well as Judge Netburn’s Deliberative Process Privilege (DPP) order, characterizing it as an attempt by the SEC to obtain a “do-over.”
On February 28, Ripple CEO Brad Garlinghouse responded to Twitter to refute allegations that Russia was utilizing XRP to circumvent SWIFT exclusion and other restrictions. Mr. Garlinghouse declared unambiguously that RippleNet abides with international law and the penalties imposed by the US Treasury’s Office of Foreign Assets Control (OFAC).
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