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- Ripple attorney John E. Deaton said that the Ripple vs SEC case could take longer to come to a conclusion, citing the nuances.
- He added that Judge Torres is aware of the magnitude of her decision on the crypto landscape. Thus it requires careful consideration through examination.
The Ripple vs SEC battle has been a long-going saga now as the lawsuit continues to take different twists and turns. Now, the crypto community has been eagerly waiting for a ruling as we are already 931 days into the case.
Last month on June 13, an important development took place with the release of the Hinman documents, which was a major milestone. However, despite this, the end to this case isn’t in sight for anyone. John E Deaton, an attorney representing 75000 XRP holders took to Twitter to put light on what could be the possibilities of further delay and other speculations surrounding the case.
The attorney noted that the reply briefs for summary judgment were filed in December 2022, which means that Judge Torres has been deliberating for an astounding seven months. However, before jumping to conclusions, Deaton emphasized the importance of considering other cases before Judge Torres that have also encountered similar delays. Deaton also mentions that the Ripple lawsuit is not a case in isolation. Deaton said.
Ripple isn’t the only one waiting, however. In the Thor Equities case, also before Judge Torres, the Reply Briefs were also filed in December. Judge Torres hasn’t yet ruled.
Ripple Ruling Can Have Industry-Wide Impact
Everyone across the crypto landscape and the financial markets has been watching Ripple’s case very close. Several analysts have a strong belief that this case could change the course of the crypto industry – either for the good or the bad.
To give more background, Deaton highlights the N.Y. District Carpenter’s fund case as an example. It took Judge Torres over eight months from the filing of the reply briefs to issue a summary judgment ruling. Another case, Quiller Inc. vs. U.S.A., also saw a lengthy seven months for Judge Torres to make a decision.
Although the extended waiting period has led to the frustration of many in the crypto space, the Ripple attorney urges caution before “donning the tinfoil hats” of conspiracy theories. Addressing the XRP arm, Deaton said that there’s a larger picture at play and Judge Torres is well aware of the significance and weight of her decision.
Considering the magnitude of impact this case can have on the crypto, it requires careful administration through examination, says Deaton.
“In short, although I, and others, believed that we would see a ruling before now, there are other cases and examples that have taken an equal amount of time. Judge Torres is likely aware of the magnitude of her decision,” he added.
Ripple CTO Puts Light on the Timeline of the Case
During his recent exchange on Twitter, Ripple CTO David Schwartz pointed out a crucial deadline for the ruling.
“I know waiting is annoying and we’d all love to have a ruling on summary judgment motions as soon as possible, but I wouldn’t think anything was wrong, unusual, or strange until at least the end of September,” he said.
