Ripple Labs hopes to resolve its lawsuit with the SEC by September or October of 2022, according to a closely followed crypto expert.
In December of 2020, the SEC filed a lawsuit against Ripple for selling XRP as an unregistered security.
XRP traded at $0.725744 at the time this report was written with a 24-hour trading volume of $2.7 billion
XRP is up 0.63% today. Currently ranked sixth in terms of market capitalization at $35 billion.
Based on documents made public over the weekend, Jeremy Hogan, an attorney who has been covering the lawsuit, said Ripple aims to conclude the case this year. Hogan had predicted that the lawsuit would be concluded in September. A recent document shows Ripple asking for the pending class action to be rescheduled from August 26 to November 18 of this year.
It gives me more confidence in my summary judgment prediction for September.
“I think Ripple believes that when the SEC case concludes in Sept/Oct, this class action will end because of ‘collateral estoppel,'” Hogan stated.
Criminal defendants are protected from being tried for the same matter more than once by collateral estoppel, a common-law legacy.
During an interview with Fox Business, Ripple CEO, Brad Garlinghouse said that the SEC had an extremely difficult case against the enterprise blockchain company.
- As of August 2018, there were 47,944,270,954 XRP coins in circulation
- It is the native cryptocurrency of Ripple, a company that created a cryptocurrency payment system. The XRP is Ripple’s “digital asset built for global payments,” implying it will rival the banking system for money transfers.
- Retail customers and banks alike could benefit from XRP’s low cost of sending money.
- With Ripple’s minuscule transaction costs and transaction finality of less than five seconds, it offers a key value proposition.