Lawyers are considering the Ripple vs SEC Lawsuit in the final phase, where both parties may settle the case with mutual agreement.
Ripple is a San Francisco-based Fintech company. This company operates its cross-border payment services with the use of XRP token’ global trade liquidity. XRP token is a native token of the XRP Ledger, which is a creation of Ripple company. In December 2020, the United States Securities and Exchange Commission (SEC) filed a lawsuit over the nature of the XRP token. This legal fight is still running, and both parties are standing strongly to win the case.
As we know that more than 2 dozen companies (including crypto & non-crypto partners of Ripple) filed their amicus briefs in the XRP lawsuit to support Ripple company and also SEC grabbed a similar kind of support against Ripple.
As per reports, On 30 November both Ripple and the SEC have to file their summary judgement briefs, which will remain under the private domain. On 2 December, these two parties will meet to jointly discuss the redactions for the court filings. Further, on 5 December, the submitted brief will go public.
Bill Morgan, an Australian lawyer & crypto enthusiast, shared his personal opinion on this current situation and confirmed that 30 November may be the important date because it will decide whether the judgement outcome will go in favour of Ripple or the US Securities regulatory body.
Morgan also said that documents that will go into public on 5 December, may be one of the most revealing documents of the trial in this case.
“The Ripple reply may be one of the most telling documents filed in the case to date and certainly one of the top few I have eagerly awaited.”
The Australian lawyer also said that his experience believes that the situation will bring a condition where both of the parties will go for a settlement agreement and the possible settlement agreement could happen anytime without prior announcement or information by any of the bodies.
According to this attorney, Hinman’ Speech documents may play a strong role in favour of Ripple & further it will also stop a borderline of regulation on the crypto sector.