The case between the United States Securities and Exchange Commission and Ripple is one that the entire cryptocurrency community is looking at. The outcome of the lawsuit is likely to determine whether XRP is a security – a decision that might have considerable implications for the rest of the industry.
John E. Deaton, an attorney representing thousands of XRP holders, as well as David Schwartz, have laid out some thoughts on when they think a ruling in the case against the SEC might be coming.
Deaton made it clear that there’s nothing so unusual in the fact that Judge Analisa Torres is taking relatively long to pass a ruling. Per Deaton, it’s been seven months so far, but Ripple isn’t the only one in the waiting room.
In the Thor Equities case, also before Judge Torres, the Reply Briefs were also filed in December. Judge Torres hasn’t yet ruled.
In the N.Y. Disctrict Carpenter’s fund case, Judge Torres’summary judgment took over eight months from the Reply Briefs.
Quiller Inc. VS U.S.A took SEVEN months for Judge Torres’ Decision. The Fitzgerald case, and several others I could name, took SIX months for Judge Torres to rule.
Deaton concluded that even though he believed a ruling would have been out by now, “there are other cases and examples that have taken an equal amount of time.” He also said that the judge is likely aware of the magnitude of her decision.
Commenting under Deaton’s Twitter thread was none other than Ripple’s CTO – David Schwartz. He said that it’s understandable that people are annoyed as waiting itself is annoying. However, he added that he wouldn’t think something was wrong, unusual, or strange “until at least the end of September.”
John Deaton agreed:
On September 30th [corrected by editorial], Judge Torres would be placed on the 6-month naughty judge list for the first time and her decision would be pending over 9 months. I didn’t review every case she has had but I didn’t find any that were longer than 9 months (although one was slightly longer than 8 months).
