New Proposal From Court Before Ripple’s First Trial: What Will Ripple and SEC Say?
The date of the $ 1.2 billion securities lawsuit filed against Ripple and his two top executives has been set. The first hearing of the case will take place on 22 February 2021. Although Ripple will face the U.S. Securities and Exchange Commission (SEC) on that date, a significant offer has come from the court to not extend the case.
Analyst Torres submits his offer to Ripple and the SEC
According to the statement shared by CryptoEri, Judge Analisa Torres submitted an offer to the two sides. This proposal, which aims to solve the case, which is estimated to take years, more easily and with less resources spent, is actually seen as a compromise option.
Torres ‘ proposal includes that the case be heard by the magistrate’s court, rather than the district court, which he leads. If both sides accept this offer, the course of the case could be seriously accelerated.
Ripple’s CEO recently said that he looks forward to working with the new SEC Chairman. In fact, even this explanation shows that the path to reconciliation is preferable.
Celebrity lawyer comments on offer to ripple
Jake Chervinsky, who specializes in securities litigation, said it was actually a normal process and offer. Lawyer Chervinsky noted that in almost every case, parties are asked if they want to resolve this through the magistrate’s Court. Chervinsky said that although the two parties agreed to this, the litigation process may not be much shorter:
“Parties in each case are automatically asked if they want to choose the path of Magistrate. Literally in every case. The SEC won’t accept that. I don’t think Ripple would agree. Even if the parties agree to this, it will not affect the legal process in a real sense. “
Attorney Jesse Hynes said that although the proposal was accepted, he estimated that it would not be resolved in the case until the last quarter of 2021.