According to James K. Filan, a defense lawyer who often publishes updates on the Ripple-SEC case, Ripple has scored another small victory by getting a time extension on the motion filed with the court last week.
#XRPCommunity #SECGov v. #Ripple #XRP Ripple’s request for extra time regarding the redacted documents was granted in a Text Only Order. The SEC is directed to produce the redacted documents for Defendants’ assessment by March 30, 2022. Defendants’ response is due April 4, 2022.
— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) March 28, 2022
Ripple scores one more victory
The wild oscillation in the legal drama between the SEC and Ripple Labs continues. The latest is the SEC’s request seeking more time to inform the court about the intentions for additional discovery.
On March 21, the SEC’s legal team filed a motion before Magistrate Court Sarah Netburn, asking for a brief extension to allow for additional discovery. The SEC did not disclose the details in the additional discovery. Still, the Commission has had a robust antecedent of making similar requests since the start of the case.
Sources hint that Ripple Labs might seek remedies-related discovery in line with the court rules on summary judgment motions. The SEC is apprehensive because it does not know the extent to which Ripple Labs will take the discovery.
And then, Ripple was given the green light by the court to receive an extension of time to respond to the SEC about the transactions is made in the minutes of the meeting with the third party. The regulator has been authorized to make some dealings with four sets of documents (the agency’s notes on previous meetings with third parties) related to the Ripple case.
Ripple’s motion for more time has been approved by order of writing only. The regulator will submit the compiled documents for review by Ripple’s legal team tomorrow — March 30. Ripple’s legal team is expected to issue a response on the 4th of April.
In the wake of the legal drama between Ripple and the US SEC, the price of XRP has soared by as much as 8% in the last 14 days. The asset is currently trading at $0.87 and has a market capitalization of $42 billion which leaves it in 6th place.
Read more:
- Looking At The SEC Case, One Might Ask If Ripple Labs And The Executives Are Finally Running Out Of Patience?
- Whale Has Withdrawn 12 Million XRP To An Unregistered Wallet, While XRP Is Staging A Rise