For many in the XRP community, 2022 meant more progress in the SEC vs Ripple Labs lawsuit
Many expect in 2022, the lawsuit between Ripple and the U.S. Securities and Exchange Commission (SEC) will see more progress. More specifically, with the experts sending the letter ending January 19, there should have been a stream of news coming in from the courtroom. However, a joint letter submitted by the SEC and Ripple means another delay could be on the cards. Many expect in 2022, the lawsuit between Ripple and the U.S.
SEC v. Ripple: More delays anticipated as Gensler takes on ‘high-impact’ cases
“Due to complications related to COVID, the parties have filed a joint letter requesting until February 28, 2022, to complete expert discovery, stating that the extension, if granted, will not “impact any other deadline in the case,” the joint filing shared by former federal prosecutor James K. Filan stated.
Source: James K. Filan/Twitter
The dates given by the SEC and Ripple are February 28, 2022. It is not surprising that many frustrated or angry XRP communities have tried to hide their feelings. Some are even very angry with Ripple for agreeing to the terms.
Source: James K. Filan/Twitter
“Throughout this lawsuit, the legal team has never let us down or backed away from any truly important battle. This will take time & we have to have patience and not turn on each other or the Ripple team. The SEC would love to see us turn on each other. Don’t give them that”, Filan asked the community to calm down, reminding them that COVID-19 could have affected major participants on both sides of the case.
Filan also reminded XRP holders that Ripple’s objection to the SEC’s COVID-19-related expansion request would make a poor impression. In contrast, XRP investors may feel they have much to be sad about. Many asset holders are disappointed about XRP being delisted from major exchanges. And, they believe its price performance has something to do with the lawsuit. Furthermore, some XRP holders’ assets are even frozen in retirement accounts.
That said, there is exasperation even on the part of Ripple. The company’s general counsel Stuart Alderoty called in a statement by SEC Chairman Gary Gensler following the report discussing how “high-impact” SEC cases could prevent other companies from crossing boundaries.
“Because after all, that’s why the SEC plays the delay card and uses it to their advantage. So much for “justice delayed is justice denied.” How about publicly committing to moving the Ripple case as “swiftly” as possible with no more delays?…,” Alderoty lashed out at this approach, claiming that it leads to a chilling effect without legally defining right and wrong.
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