Ripple CTO Sets Timeline for Summary Judgment, Asserts Normalcy and Transparency

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In the continually unfolding saga of the Ripple lawsuit, Ripple’s Chief Technology Officer (CTO), David Schwartz, has shared his expectations on the forthcoming decision timeline for the summary judgment. As per Schwartz’s recent tweet, he has anticipated Judge Analisa Torres’s verdict to be rendered by the end of September 2023.

Anticipating Ripple Vs SEC Judgment

Schwartz has sought to temper the restlessness of Ripple’s community. He empathized with the community’s frustration with the delay but reassured them that it is nothing out of the ordinary. 

He expressed his wish for an earlier ruling but indicated that until the close of September 2023, the delay is to be considered part of the standard judicial process.

Legal Perspectives on the Timeline

John Deaton, a prominent crypto lawyer, and Ripple advocate, agreed with Schwartz’s projected timeline. He noted that a decision pending beyond September 31 would mark the first time Judge Torres lands on the six-month “naughty judge list.” 

It would also mean her decision would be outstanding for over nine months, which, according to Deaton, is an unusually long duration for a case under Judge Torres.

Transparency Becomes a Double-edged Sword

In an earlier incident, Deaton took to social media to highlight the lack of regulation in the crypto space. The prominent Ripple supporter criticized the Securities and Exchange Commission (SEC) for exploiting Ripple Labs’ transparency. 

Ripple had voluntarily implemented a cryptographic escrow and started providing quarterly reports regarding XRP sales. However, Deaton argued that this openness had been weaponized against Ripple and its CEO, Brad Garlinghouse, by the SEC.

Deaton further drew attention to a speech by the SEC’s ex-Director of the Corporation Finance division, Hinman, back in 2018. Hinman’s speech involved a discussion about whether crypto assets qualify as securities, a claim now insisted upon by the SEC’s Chairman Gensler. As the crypto community watches closely, it’s clear that the final verdict will have a significant impact on where crypto goes.