Where in previous Ripple news it seemed that the XRP lawsuit had accelerated, this does not seem to be the case now. Ripple’s general legal adviser, Stuart Alderoty, says that due to new developments, a resolution will not follow until 2023.
Ripple lawsuit to end in 2023
Alderoty made his statements in response to a tweet from attorney James K. Filan, who is closely following the Ripple lawsuit. He said on Friday that both parties in the case have submitted a letter to the judge stating that the so-called “expert challengesbe done in August. The closing statements will then be given a few days before Christmas.
In response, the legal advisor thanks everyone who is following the case, and emphasizes that Ripple is doing everything it can to get the case through as quickly as possible. This “while the Securities and Exchange Commission (SEC) is doing everything it can to delay the matter.”
“Now it looks like there will be a resolution in 2023 — and every day that goes by hurts American citizens who were essentially victims of a back pull by the SEC. $15 billion in XRP market cap was destroyed the day the lawsuit was filed, hurting the very people the SEC claims to protect.”
It now looks like a resolution will come in 2023 – and each day that passes is hurting US citizens who were essentially the victims of a rug pull by the SEC. $15B in XRP market cap was destroyed the day the suit was filed, hurting the very people the SEC purports to protect.
— Stuart Alderoty (@s_alderoty) Apr 22, 2022
XRP lawsuit drives companies and entrepreneurs away
Aldeteroy does not give up and takes a hard look at the SEC. For example, the chairman of the regulator would cause confusion in the US crypto industry. “We are seeing a massive exodus of crypto talent, technology and value abroad, into jurisdictions with rational regulatory frameworks. Entrepreneurs are advised not to start their projects in the US. How long can this go on?”
So we will have to wait and see what the outcome will be. That it is crucial for the US crypto industry in general is one thing for sure. If XRP indeed as an effect, also security, When labeled, Ripple will have to close its doors and this also sets a precedent for other cryptocurrencies.