Ripple & SEC are requesting to court judge to set a date in January of the next year to allow the non-parties to file their support/opposition briefs in the case.
Ripple is a San Francisco headquartered fintech company that is known for its cross-border payment services, which are available to all small & big businesses. Ripple Labs is the blockchain engineering team behind XRP ledger (XRPL) blockchain network. XRP is a native token on XRPL and Ripple uses XRP trade volume in its XRP-supported cross-border payment services.
On 10 December, a popular Crypto legal expert James K. Filan. Informed his followers that Ripple & the United States Securities and Exchange Commission (SEC) jointly requested District Judge Analisa Torres to set a deadline of 4th January 2023 for non-parties to file sealing arguments ahead of a summary judgement.
Legal expert also confirmed that both parties are seeking to set 18 January as a due date for any parties or non-parties who may file oppositions to non-party sealing motions.
Earlier this, legal experts claimed that the situation of this case showed that both of these parties may settle the case anytime
without prior announcement.
Ripple vs SEC
In December 2020, The US SEC agency initiated a lawsuit against Ripple company. Through the lawsuit, the SEC claimed that the XRP token is a security and should be registered with the SEC agency.
The SEC agency also claimed that Ripple made several mistakes like manipulation of XRP token price, and the sale of more than $1.2 Billion worth of XRP tokens.
In the present time, Ripple is standing strong in this lawsuit because of the evidence in favour of the nature of XRP token as a non-security asset.