SEC v Ripple: XRP price rises 8% to $0.40 ahead of 30 November summary judgement filings
13:07, 25 November 2022
The US Securities and Exchange Commission (SEC) and Ripple Labs, the company behind ripple (XRP), must file their summary judgements by 30 November.
In December 2020, the SEC filed a lawsuit against Ripple, arguing that XRP was a security.
A summary judgement would mean that the lawsuit would not have to go to trial and instead ask District Judge Analisa Torres to make a ruling based on the arguments filed in documents.
The motions for a summary judgement were filed at the Southern District of New York.
In the run-up to the official filing of the summary judgements, XRP has enjoyed increases in value. As of 9:35am GMT on 25 November, XRP is up by 8% compared to the previous day to $0.40.
The crypto is also up by 6.34% compared to a week ago, according to CoinMarketCap.
XRP to USD
The timeline of the summary judgement filings
Once both parties have filed their summary judgements they will remain under seal. Then 2 December, the SEC and Ripple Labs will meet to jointly discuss the redactions in the court filings, NEWSBTC explained.
On 5 December, the filings will be made public and then on 22 December, Ripple Labs and the SEC’s omnibus motions to seal all documents related to the summary judgment motions will be filed.
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Is a case settlement on the cards?
Australian lawyer and crypto enthusiast, Bill Morgan has said that from his experience, a case settlement is now possible after the summary judgement filings.
Morgan added that a settlement agreement could be reached at any time without the public knowing. Via Twitter Morgan said: “Nobody outside the parties will know until the parties say it has settled.”
Brad Garlinghouse, CEO of Ripple Labs, said at the DC Fintech Week conference in October 2022 that the end was in sight, and the lawsuit would end in the first half of 2023. The CEO also said that he would consider a settlement, as long as XRP is not classified as a security.
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