SEC has been granted an extension to submit a discovery schedule relating to Ripple CEO Brad Garlinghouse
The U.S. Securities and Exchange Commission (SEC) has been granted an extension to file discovery schedules involving Ripple CEO Brad Garlinghouse and co-founder Chris Larsen as part of the lawsuit against Ripple Labs.
SEC scores a minor victory in a legal dispute with Ripple Labs
While the ruling in favor of the SEC, in this case, marks a small victory, some viewers have suggested that the enforcement agency is dragging its heels and slowing the case down to let Ripple Labs down.
Source: James K. Filan
The latest development was highlighted by the defense attorney and former US federal prosecutor James K. Filan, who cited the only written order from the Court earlier today.
“The SEC shall inform the Court of its position on whether any additional discovery is required within a week of the filing of the Individual Defendants,” the order read.
As part of the delayed schedule, defendants now have until April 8 to submit responses to the SEC complaints, while the SEC’s decision on additional discovery will take effect on April 8. next week on April 15, and the proposed general scheduling order will also go into effect on April 22.
However, dates are not set and may change depending on how fast Ripple Labs moves, with Filan noting that:
“The filing of the Individual Defendants’ Answer is the triggering event. When the Answer is filed, even if before April 8th, the date the Answer is filed starts the two-week clock running for the filing of the SEC position on discovery and the Joint Proposed Scheduling Order.”
The XRP community’s reaction to the post was mixed, with some expressing anger at the SEC for “just trying to gain time in a case already lost”, while others such as Twitter user “r ColeTheMailman” suggesting that the delays could be good for XRP in the long run.
This is enforcement by litigation. The SEC was not prepared, but the court is not holding it against them. Everyone including the judges are learning as they go. Think about how many people still don’t understand crypto. Every extension request gives the court more time to learn.
— Swish (@honeynutcherri4) March 23, 2022
Read more:
- Whales Made Several Large Transfers Between Exchanges, While XRP Has Been Making 12% Weekly Growth
- Ripple: The SEC Has Delayed Resolution Of This Case Long Enough