Looking at the SEC case, one might ask if Ripple Labs and the executives are finally running out of patience?
Looking at the case between the SEC and Ripple, one might ask if Ripple Labs and the executives are finally running out of patience? Yes, it seems. Notably, the Defendants continued to stand firm against the Plaintiffs.
Ripple’s executives call for sanctions against SEC’s ‘gamesmanship’
Ripple Labs and individual defendants Chris Larsen and Brad Garlinghouse have filed a letter supporting their proposal to hack the SEC’s Metz Supplemental Expert Report.
James Filan, a prominent lawyer, added the latest happenings on Twitter.
Ripple says that “a continuance would reward the SEC for its gamesmanship, and further prejudice Defendants. . . . The SEC’s decision to wait until after the very last deposition scheduled in this case to file Dr. Metz’s new reply report necessitates sanctions” against the SEC.
— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) March 24, 2022
In fact, “Dr. Metz failed to present a complete statement of all opinions” that he “intended to express and the basis and reasons for them” in his initial report. This fell in line as required by the Federal Rules of Civil Procedure.
The supplemental expert report from Dr. Metz would only reward the SEC for its “gamesmanship” and further prejudice the defendants, Ripple said. Furthermore, the company added,
“A continuance would reward the SEC for its gamesmanship and further prejudice Defendants. The SEC has already asked the Court for numerous extensions in this case that Defendants have vigorously opposed”, the letter stated.
The SEC’s decision to wait until after the very last deposition scheduled in this case to file Dr. Metz’s new reply report necessitated sanctions. ‘Rule 37 sanctions specifically serve several important purposes. Such as ensuring that a “party will not benefit from its failure to comply” and serving as “a general deterrent effect on the case at hand on other litigation.”
Both reasons are applicable here. And, the district courts are “not required to exhaust the lesser sanctions possible” if a harsher remedy “consistent with the overall record.”
Many proponents reacted in a positive way post this filing. For instance, a fellow attorney, Jeremy Hogan, in a 25 March tweet stated,
I would say the GLOVES HAVE COME OFF. https://t.co/Wq6JWp181G
— Jeremy Hogan (@attorneyjeremy1) March 24, 2022
As Ripple maintains a strong stance in its lawsuit against the SEC, large holders have favored XRP. According to WhaleStats data, XRP’s utility for whales has increased as it ranks among the most used smart contracts by the 1,000 largest BSC whales.
- A One-Week Extension Isn’t A Big Deal For Ripple And XRP Price
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