Jeremy Hogan, a partner at the law firm Hogan & Hogan, says that lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against Ripple Labs over the sale of XRP tokens could continue into early 2022.
On 22 December 2020, the SEC announced that it had “filed an action against Ripple Labs Inc. and two of its executives, who are also significant security holders, alleging that they raised over $1.3 billion through an unregistered, ongoing digital asset securities offering.”
Well, on June 17, in a video released on the YouTube channel “Legal Briefs”, Hogan discussed this case.
According to a report by The Daily Hodl, he said:
“No settlement will happen until after the close of discovery. Could it settle before then? Yes, I just don’t think it’s likely. So any settlement is likely to be after at least the close of fact discovery, and that is now early September and even more likely to be after October 16th. And if it doesn’t settle, then I believe that two main issues will be decided by Judge Torres as summary judgment.
“Looking at the summary judgment rule briefly, you can see there that motions for summary judgments must be filed within 30 days of the close of discovery. So that puts the parties competing for motions for summary judgment due no later than 30 days of the close of all the discovery and that is November 16th for us... I don’t see the case being decided at summary judgment until early 2022, maybe January...
“I don’t see any reason why the SEC is going to be in any rush on this case. The more time goes by, the better the SEC’s settlement position because the more pain for Ripple. I see it every day in my firm as most of my clients are fighting large insurance companies and there’s nothing they like better than to kill my clients with time. It’s a very common tactic.“
On June 18, American Lawyer James Filan, who “served as a federal prosecutor for nine years in the United States Attorney’s Office for the District of Connecticut”, highlighted all the important upcoming deadlines in one tweet: