It’s been more than a year since the SEC stunned the technology world by suing Ripple, kicking off what has become the most closely watched legal battle in crypto.

The case, in which the SEC accused the crypto powerhouse of violating securities laws, has morphed into a protracted brawl, with the future of crypto regulation potentially at stake.

The battle will likely drag on into next year after Ripple and the SEC agreed on a schedule for the next phase of the case: Filings and hearings on motions for summary judgment will extend to December. At that point, a federal judge will either decide the case or have it go to trial.

“It now looks like a resolution will come in 2023,” Ripple general counsel Stuart Alderoty said in a tweet.

Justice delayed?

The battle, which began in December 2020, centers on the SEC’s claim that Ripple failed to register roughly $1.4 billion worth of XRP as securities.

The lawsuit’s outcome could have far-reaching implications for crypto. If the SEC prevails, it could upend the way crypto companies operate, setting a precedent that the digital assets they offer users must be subject to the strict reporting and registration rules that apply to securities.

If Ripple wins, it would be a major victory for crypto at a time when the industry is growing rapidly but also facing more intense regulatory scrutiny on multiple fronts.

The drawn-out court battle has been frustrating for Ripple, which has accused the SEC of legal bullying and delaying tactics. Alderoty suggested Ripple had no choice but to agree to the extended schedule.

“To those asking if this is a joint filing — yes it is,” he said. “But, based on the SEC’s track record, if we didn’t agree to this, the next iteration would have very likely been even longer.”

“Chair Gensler…