According to recent reports, there is a possibility that the Ripple vs. SEC summary judgment could come before May 6, 2023. This information was shared by lawyer and XRP supporter, John Deaton, who analyzed the timeline of Judge Sarah Netburn’s recent ruling in the case.
Deaton Predicts Termination Date For Battle SEC And Ripple
In an interview with Thinking Crypto, attorney Deaton, representing thousands of XRP holders in the lawsuit, speculates that Judge Torres’ ruling might come on or before May 6.
Read Also: Terraport’s First-ever LUNC Burn Accounts For 100M Terra classic
“[…] There was a case where it [summary judgment] was two weeks between. And then there was a case when it was 30 days between, and then there was a case when it was 60 days, right? So what I’ve been telling people is that [we’ll get the ruling] somewhere between March 6 and May 6,” Deaton was quoted as saying.
Deaton added that the Ripple v. SEC summary judgment might come anytime. He also said that the ruling could linger till June 1 or more.
The Ripple vs. SEC case has been ongoing since December 2020, and it centres around whether or not XRP, the cryptocurrency created by Ripple Labs, is security. The SEC has alleged that Ripple Labs conducted unregistered security offering worth $1.3 billion, which the company denies.
Read Also: Zaradar, A Core Developer At Terra Classic, Says Sudden Good Bye To the Terra Classic.
Many in the crypto community have been eagerly awaiting the outcome of the case, as it could have significant implications for the classification of cryptocurrencies as securities. If Ripple is found to have conducted an unregistered securities offering, it could set a precedent for other cryptocurrencies to be treated as securities as well.
As of now, it remains to be seen when exactly the summary judgment will be made in the Ripple vs. SEC case. However, with Deaton’s analysis suggesting it could happen before May 6, 2023, it is possible that we could be closer to a resolution in this long-running legal battle.