Judge Analisa Torres has made changes to a suggested timetable in the SEC v. Ripple lawsuit in order to bring the matter to a close before the end of the year.
According to the Thursday document, the Judge issued further instructions requiring parties to make any petitions to exclude expert witness by July 12 and all oppositions by August 9. Parties were also expected to file their responses, if any, by August 30 in order to be able to file any summary judgment motions by September 13.
The court also ordered the parties to file their oppositions and responses to the summary judgment files by October 13, as well as any additional responses by November 15, bringing the stage of the proceedings to a close. This will allow the court plenty of time to issue a binding verdict on the nearly three-year-long legal battle, putting the court one and a half months behind schedule.
"Oppositions to any moves for summary judgment, replies to Rule 56.1 Statements, and responses to motions to exclude testimony must be filed by November 2, 2022," both parties had previously requested. They also requested that "Responses to any opposition must be filed by December 20, 2022," putting a damper on an already battered XRP community.
The directives came after Ripple Labs CEO Brad Garlinghouse expressed confidence in the company's ability to win the dispute. Brad told Bloomberg on Wednesday that a victory for Ripple would be a victory for the whole crypto industry. According to him, the conclusion of the legal battle will have no effect on Ripple's growth because it is already acting as if it has lost the lawsuit, and the SEC's ongoing hardheadedness is only damaging America's technological progress.
“I just think it’s incredibly frustrating that here in the United States, where we have led innovation in so many different industries, we have an agency that’s overreaching and really constraining competitiveness and hiring people here in the United States,” Garlinghouse added.
Despite being on the wrong side of the SEC, Ripple had a record year in 2021 and Q1 of 2022, with crossborder transactions utilizing XRP surging 8x year-over-year in Q1 of 2022.
Nonetheless, while Judge Torres' orders on Wednesday may not have had much of an impact on the price, the XRP community believes that a resolution of the case by the end of the year will lay the stage for a parabolic rise when U.S. exchanges relist XRP.
XRP is currently trading at $0.6113, up 0.75 percent. Given the current market turmoil, the price will require broader market support to rise above $0.66, its most immediate overhead obstacle.