Ripple Vs. SEC: Lawyer Explains Why Nov 30 Is Crucial And Why A Settlement Is Possible

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While the crypto community has been eagerly focused on the developments surrounding Genesis Trading and Digital Currenc Group (DCG) over the past few days, Ripple Labs continues to battle the U.S. Securities and Exchange Commission (SEC). And the next important deadlines are already looming.

By November 30, both Ripple and the SEC have to file their summary judgment briefs, which will remain under seal for the time being. On December 02, the two parties will meet to jointly discuss the redactions for the court filings.

A few days later, on December 05, Ripple’s and the SEC’s briefs will be made public. Finally, on December 22, the omnibus motions to seal all documents related to the summary judgment motions will be filed.

Lawyer Believes A Ripple / SEC Settlement Is Possible

According to renowned Australian lawyer and crypto enthusiast Bill Morgan, November 30 could be an important date that sets the course for the outcome of the lawsuit. According to Morgan, the documents that will be made public on December 05 could be one of the most revealing documents of the trial.

The Ripple reply may be one of the most telling documents filed in the case to date and certainly one of the top few I have eagerly awaited.

Morgan believes, based on his experience as a mediator, that a settlement agreement between the SEC and Ripple is a real possibility. Further, he noted that a settlement agreement could be reached at any time, without the public’s knowledge. “[N]obody outside the parties will know until the parties say it has settled.”

According to the attorney, Ripple’s possession of records of Hinman’s speech provides it with strong leverage. In order to keep these documents secret and prevent a broader impact on overall crypto market regulation, the SEC may be forced to settle.

When asked if the SEC might eventually be forced to make the Hinman documents public, Morgan said:

Not necessarily if keeping the Hinman documents confidential is a term of settlement. That is why having them gives Ripple real leverage in settlement negotiations.

We don’t know on what basis Ripple received them that does not allow them to be publicly revealed. Under the local rules under which I practise in Australia there is an implied undertaking not to publicly reveal documents disclosed by another party until put into evidence.

Is Hinman The Stumbling Block For The SEC?

Therefore, in Ripple’s brief, all eyes will be on whether or not the fintech company cites the Hinman documents as evidence. To the extent Ripple waives it, it could be a tell-tale sign of a settlement agreement.

Already in mid-September, XRP community lawyer John Deaton had expressed a similar view. According to him, the Hinman documents are of key importance to Ripple.

Deaton said then that if judge Torres rules that the documents must be released, the SEC’s delay tactics could run out of time by the end of the year, forcing a settlement.

At press time, the XRP price was still in no-man’s land on the 1-day chart. After crashing below $0.50 following the FTX bust, XRP is currently trading at $0.3739.