Has the SEC vs. Ripple lawsuit dragged on for too long because the Commission is unfair?
As AZCoin News reported, at the U.S. Securities and Exchange Commission (SEC) suggestion, judge Sarah Netburn agreed to an extension of time to complete the discovery. Thus pushing the next important hearing date to January 14, 2022. It is because of this decision that things are getting harder and harder for Ripple.
No end in sight for SEC vs. Ripple as court postpones discovery date
Judge Netburn’s decision came as the SEC revealed that it had about 14 expert witnesses lined up to deposit and would not be able to meet its original December 10 deadline with available resources. Before the grant, Ripple opposed the idea of extending the discovery period, stating that such extensions tend to negatively affect the set down timeline for a briefing on summary judgments.
With the grant comes another mild blow to Ripple Labs’ hopes of unbuckling the shackles of litigation that has supposedly held it back from anticipated progress throughout the year 2020.
Amid the ongoing legal setback, which has now stretched into its third year, Ripple CEO Brad Garlinghouse has spared no expense in his ongoing SEC insults. In the early stages of the case, Garlinghouse called the lawsuit unfair and disparaged that XRP was being seen as a scapegoat among other cryptocurrencies that had made similar decisions.
Ripple CEO Brad Garlinghouse
He repeatedly expressed his displeasure at the SEC’s lack of clarity. He recently criticized the financial regulator for what he believes is their bias towards Bitcoin and Ethereum. Citing energy consumption and mining efficiency, Garlinghouse touted XRP as a better, cleaner, and more efficient digital currency option than BTC and ETH.
Part of the resentment towards BTC stems from its recent strides as the first US-registered ETF from the world of blockchain technology. Along with this news, Bitcoin’s price broke its previous ATH record of $64k in April to hit a new record at nearly $67k. Garlinghouse believes XRP will most likely have its ETF up and running if it is not caught up in the current regulatory battle, as AZCoin News reported.
Ripple previously stated that it would dismiss the case on one condition: the SEC publicly classifies XRP the same way it did Ethereum. The crux of the case is that the SEC, which Garlinghouse believes, is trying to rein in its documented stance on all cryptocurrencies.
- The SEC Was Forced To Answer Some Of Ripple’s Hotly-Contested Interrogatories
- Ripple CEO Brad Garlinghouse: ETH Has Taken The Second Spot Of XRP Because Of SEC Lawsuit