According to defence lawyer James K Filan, a summary judgement in the SEC vs Ripple lawsuit might come sooner than expected.
This week, the former federal prosecutor noted that the Judge was likely to consolidate most of the pending issues for determination in one ruling. The court has to decide on three major issues before issuing the final verdict. These are the summary judgement motions, expert motion challenges and sealing issues regarding expert reports, the Hinman reports and other records presented by the SEC.
“Why would Judge Torres slog through the expert motions and the sealing motions (including the sealing of the Hinman documents) separately before deciding what parts of them-if-any- are relevant to deciding the summary judgement motion?” asked Filan.
“I believe that she will decide everything together, and it won’t be until she rules on the motions for summary judgement, and it will be one big written ruling,” he added, referencing a case involving Goldman Sachs where judge Torres addressed the same issues in one ruling.
Lawsuit Nears End As Parties File Final Submissions
On Friday, December 2, both parties filed redacted replies to each other’s opposition to motions for summary judgment. According to Ripple’s motion, the SEC’s opposition brief confirmed that the defendant’s motion for summary judgment should be granted.
“The SEC cannot show that any offer or sale of XRP–much less everyone from 2013 to 2020, as it alleges and bears the burden to demonstrate –was an offer or sale of an“investment contract and, therefore, a security [under] the federal securities law,” Ripple, which is sued alongside Bradley Garlinghoue and Chris Larsen argued.
Commenting on Friday’s filings, Ripple’s general counsel Stuart Alderoty said they were proud of having mounted a strong defence, suggesting that a favourable outcome for them would be a boon for the entire crypto industry.
“This is our final submission where we ask the court to grant judgment in our favour. We have always played it straight with the Court. Can’t say the same for our adversary.” He wrote. His sentiments were supported by Ripple CEO Brand Garlinghouse who congratulated their defence team for its efforts. “Ripple stood strong and withstood the SEC’s onslaught. I look forward to being on the right side of justice,” he said.
That said, with Judge Torres now expected to make a ruling on the three issues no later than January 9 2023, according to Filan, a summary judgement in the long-drawn case is likely to come much faster.