The legal battle between Ripple and the Securities and Exchange Commission (SEC) in the United States is intensifying by the day. Rarely does one see two opposites working together under the same banner. Once in a lifetime opportunity.
Ripple and SEC Agree on Fee Rewards
Ripple and the SEC were allowed a two-week delay to negotiate and agree an appropriate attorney’s fee for the submission of Dr. Albert Metz’s Supplemental Denial Report.
According to the accepted text, “any application for attorney’s fees mentioned in the court’s order dated April 19, 2022…” was due by May 27, 2022. Both sides wanted the deadline for lawyer’s fees to be extended till May 27, 2022.
In a May 27 filing, the parties agreed on fee award in relation to the Metz supplemental report and statement. Both the defendant and plaintiff worked together to make the necessary payments. The amount of the prize has not been disclosed yet.
The development was shared by well-known lawyer James Filan on social media.
Dr. Metz is a witness to the SEC suggesting how Ripple’s actions affected the XRP price during a digital currency transaction in 2013. As part of a larger strategy to establish that the defendant violated US securities laws.
This development garnered a variety of reactions from the crypto community. Some saw the price as a “waste of tax money”. Others, on the other hand, wanted to end this trial as quickly as possible.
When does the case end
Yes, XRP investors expected the litigation to end as soon as possible. But in this situation it is not so. According to the lawyer’s most recent timeline, he will have to wait until next year.
Meanwhile, at the time of writing, the price of XRP is down by 0.68% to $0.38.