According to an attorney closely following the lawsuit between Ripple and the United States Securities Exchange Commission (SEC), James K. Filan, the agency attempts to delay the XRP lawsuit further.
“The Court should deny the SEC’s motion for yet another extension of time.”
— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) March 21, 2022
Ripple opposes SEC’s request for another time extension
The regulator filed another motion asking the federal judge to briefly extend a time in the courtroom battle that has dragged on for more than a year. Interestingly, the new SEC letter contains a footnote indicating that Ripple recommends that the initial summary review summaries be filed as early as mid-May.
The trouble in Ripple paradise began when the SEC filed a lawsuit against the San Francisco-based blockchain payments startup and two of its top officials in December 2020. The agency alleges that it sold XRP illegally through an unregistered securities offering for eight years. Ripple and the SEC have been fighting it in court ever since, with neither party choosing to settle.
The SEC recently requested a one-week extension to advise the court on its position regarding making any additional findings.
The SEC considers that the briefing schedule proposed by Ripple is premature. The individual defendants in the case sought to proceed with the discovery after the judge released her ruling on summary judgment motions. They have not specified the extent of the discovery they will proceed with, which explains why the SEC is asking for more time to determine if it is necessary.
However, Ripple says the securities watchdog has delayed the resolution of the misguided lawsuit “long enough.” The company is strongly opposed to extending the March 23 deadline to file a motion about any additional discovery, adding that “nothing should further delay Ripple from moving for summary judgment and demonstrating to the Court that XRP is not a security.”
While Ripple wants to speed up the litigation process, the SEC is eager to delay the case as it approaches its final stages.
“The Court should deny the SEC’s motion for yet another extension of time. The parties will then identify by March 23 any additional discovery that is needed. Once those letters are filed, the parties can then propose appropriate schedules for summary judgment and Daubert briefs to the district court,” Ripple’s letter to Magistrate Judge Sarah Netburn reads.
Overall, Ripple has enjoyed considerable success in recent months as the upbeat XRP sentiment continues to grow. Most recently, US District Judge Analisa Torres denied the SEC’s offer to block Ripple to protect its important fair notice. Ripple CEO Brad Garlinghouse is pleased with the ruling. He believes the “big win” is not just for Ripple but for the entire crypto industry.
Garlinghouse is also confident that the lawsuits against him and executive chairman Chris Larsen will eventually be fired.
It remains to be seen whether XRP can regain its previous all-time high after these positive developments. XRP price is changing hands at around $0.8493 at press time, up 4.02% in value over the past day.
Read more:
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- XRP Price Formed A Bottom Reversal Setup, Suggests The Possibility Of An Explosive Move Favoring The Bulls