- The court has approved a schedule for the Ripple vs. SEC lawsuit.
- The confirmation hearing date for the new SEC chairman Gary Gensler has been set for March 2, 2021.
Attorney James Filan has shared via Twitter the civil case management and scheduling order document for the Ripple vs. the U.S. Securities and Exchange Commission (SEC) lawsuit. The document, approved by Southern District of New York Judge Analisa Torres, shows the roadmap the case will follow in the coming months.
The court order indicates that the period in which new parties may enter the lawsuit is now closed unless there is a court order for which the parties have a 30-day period to apply. In addition, it is revealed that the initial disclosure should be completed within the next two weeks.
Also, the court has ordered that the initial discovery phase be completed by July 2, 2021. The dates were set as part of the discovery phase and may be changed, however, if there is an agreement between Ripple and the SEC.
The discovery phase comprises the initial request for production of documents due March 31, interrogatories with a deadline of June 4, completion of depositions set for July 2, request for admissions set for the same date, and the discovery of expert reports that may be delivered by August 2.
But the eyes of the community are likely to be on the beginning of July. After the date set for the discovery phase, the parties will meet again to discuss a possible settlement, according to the court order.
As CNF reported, Ripple and the SEC issued a joint statement a few days ago, ruling out the possibility of a settlement for the time being. However, it was clarified that the payment solutions company had only negotiations with the prior SEC administration.
New SEC Chairman and his importance for the lawsuit against Ripple
New SEC Chairman Gary Gensler has not yet been sworn in. However, it has been reported that the date for his confirmation hearing has been set for March 2 this year. Gensler is known for his pro-cryptocurrency stance. His involvement could bring changes to the regulator’s approach to XRP and its possible classification as a security.
Yesterday we also reported on a “bombshell” revealed at the pre-trial conference. Ripple’s General Counsel Stuart Alderoty responded to the report and received a positive response from the community.
Several members reported that they had written to the SEC in previous years requesting clarification on the classification of XRP as a security. The regulator was ambiguous in its response, as one user revealed by disclosing an email from the SEC received in October 2020.