Ripple News: Legal litigation between the United States Securities and Exchange Commission (SEC) and crypto payments firm Ripple is taking a little longer than expected. And if you’ve paid attention, you’ll notice that no news has been shared with the XRP community in recent weeks.
In a tweet on July 6, analyst Martin Valk suggested that the case had “cooled off a bit”. He tagged some of his lawyers in the XRP community, James Filan and Jeremy Hogan, as well as the founder and host of CryptoLaw John E. Deaton. Specifically, Valk wondered when the XRP community would hear from the judge, or whether the current silence basically meant the case would continue behind closed doors from now on.
Hogan responded by stating that the case was a stalemate for the community, but that statements had taken place and documents had been moved in recent weeks – Ripple enthusiasts are unaware of what is going on behind the scenes. In fact, it is believed that CEO Brad Garlinghouse has already been fired.
Meanwhile, another observer drew attention to James Filan’s Twitter page and pinned tweet. The tweet in question contains a table of events scheduled on the Ripple team. It is stated that the current deadline is August 31, 2021, and the deadline is set as October 15 by experts.
When will the case be over?
This lawsuit, filed by the US regulator against Ripple in late December, alleges that blockchain firm CEO Brad Garlinghouse and Chief Executive Officer Chris Larsen raised more than $1.3 billion in seven years by selling the XRP cryptocurrency in an unregistered security offering. . Ripple and its top executives vehemently denied these allegations and want the case to be concluded as soon as possible.
But as ZyCrypto previously reported, without a settlement, the case will likely be settled in early 2022. However, Ripple still has plans to hold an IPO despite the difficulty of the case. Speaking during Consensus 2021, Garlinghouse stated that the company plans to go public after the lawsuit is over.
Meanwhile, Ripple has invited Sarah J. Prostko and Nicole Tatz to its legal team to defend Larsen and Garlinghouse, respectively.