By Nathan Ferguson
As the news-grasping lawsuit between the SEC (Securities and Exchange Commission) and XRP (Ripple) moves ahead, additional information has been revealed. The latest document, which has been shared through a Twitter post by Jeremy Hogan, recommends that the blockchain-based payment platform anticipates ending the case between 26th August and 18th November this year.
The shift in the date for incomplete class action
As per the document, the payment venue has appealed for the rescheduling of an incomplete class action that was agreed on the previous date of 26th August to 18th November of this year. The company clarified this by mentioning that because of the overlap of legal and factual problems between the present lawsuit as well as the action of the SEC, the parties consent that some efficiencies are present in having the SEC action’s precedence over the particular deadlines related to that action.
As pointed out on the behalf of the blockchain firm, the delimiting of the problems in the case because of the respective shift would minimize the weight over the parties, rationalize discovery in this case, along with potentially lowering the pressure over the court. It was explained by Mr. Hogan that Ripple considers winning the case within October or September, following which the collateral estoppel (a policy keeping a party from suing a problem settled in a former case even if the problem is related to a dissimilar claim) will lead the class action to go away.
The disentanglement of the epic between the SEC and Ripple
A lawsuit was filed by the SEC against Ripple as well as a couple of the executives thereof in 2020’s December, asserting that the blockchain-based firm allegedly sold more than $1.3B worth in unregistered securities (through XRP token) from 2013 to 2020.
It has been recently reported that a couple of legal memoranda have been introduced by the Securities Agency that was acquired by the blockchain firm from a law company Perkins Coie. The respective memos were sent on the soliciting legitimate advice of Ripple on several problems related to the release of the digital tokens thereof.
As per the General Counsel of Ripple, rather than utilizing memos, being an instance of preemptive compliance, they were utilized by the SEC like a sword. Recently, the firm has additionally filed the opposition thereof to the Motion for Partial Reconsideration and Clarification of the SEC.