SEC filed a reply in support of request that the Court extend the deadlines for both fact and expert discovery Ripple case by sixty days
Ripple saw two significant legal developments this week. It has added a new lawyer to its legal team, and it is contesting a key accusation from the U.S. Securities and Exchange Commission (SEC). However, SEC just filed a reply in support of its request that the Court extend the deadlines for both fact and expert discovery by sixty days.
New SEC moves according to Ripple lawyer, James K. Filan
In addition, the SEC has filed its Response to Ripple’s Motion to Compel the SEC to turn over the internal BTC, ETH, and XRP documents Judge Netburn has already twice told them to turn over.
#XRPCommunity #SEC_NEWS v. #Ripple #XRP The SEC has filed its Response to Ripple’s Motion to Compel the SEC to turn over the internal BTC, ETH and XRP documents Judge Netburn has already twice told them to turn over.https://t.co/rXkFA9f059
— James K. Filan (@FilanLaw) June 11, 2021
In the latest development in the case, Ripple’s lawyers argued that the SEC did not provide fair notice prior to the lawsuit. The SEC originally claimed that Ripple was given fair notice that its XRP sales could be illegal. It cited a report by report by Cornerstone Research that outlined several previous violations.
In a new SurReply, lawyer James K. Filan has argued that the SEC relied on a document that did not apply to Ripple’s situation. He argues that the firm ran an ongoing token sale rather than a one-time ICO, while the Cornerstone Report only focused on the latter.
Filan explained:
“Of more than 70 cases cited in Cornerstone Report, outside of Ripple, none alleged violation of § 5’s registration requirement for sale of digital assets outside the context of ICO.”
The SEC has replied to Ripple’s claims. It says that Ripple has put forward an incorrect characterization of its fair notice claims. It added that fair notice does not require exact factual evidence.
In another development, as mentioned above, the SEC continued to act strangely when filed its Response to Ripple’s Motion to Compel the SEC to turn over the internal BTC, ETH, and XRP documents Judge Netburn has already twice told them to turn over.
And this action continues to stir up the cryptocurrency community. Is this a friggin joke or what they were given a deadline of today to deliver the docs to Ripple – contempt of court 90 days in jail or release the documents?
Ripple is getting more specific on documents they want the SEC to hand over. Ripple has a lot of info that will hurt the SEC.
The story that makes the cryptocurrency community angry at Ripple requested a deadline to produce, SEC requested an extension of 60 days, Ripple requested the extension is denied, SEC is requesting Deny Ripple’s request to deny the request to extend.
Source: SEC Reply to In Support of 60 Day Extension of the Discovery Deadline
The SEC just filed a reply in support of its request that the Court extend the deadlines for both fact and expert discovery by sixty (60) days. In the end, the SEC’s intention is simple. They’re going to cause Ripple so much financial hardship, Ripple will have no choice but to come to the settlement negotiations table. SEC doesn’t want this case to go to summary judgment.
Read more:
- The SEC Has Filed A One-Page Response To Ripple’s Sur-Reply To The SEC’s Motion However It Seems To Make No Sense
- Ripple Opposes SEC Request For 2-Month Extension Of Discovery Deadline But SEC Warns A Big Consequences If They Lose Ripple Lawsuit