SEC is receiving more time to fight an order to hand over certain documents, potentially delaying the outcome of Ripple case
The U.S. Securities and Exchange Commission (SEC) is gaining more time to fight the transfer of some documents in its lawsuit against Ripple, potentially delaying the case’s outcome.
SEC awarded more time to fight order to hand over sensitive documents in Ripple lawsuit
Under a new order, federal judge Sarah Netburn said the SEC has until February 17 to file a petition to review an earlier order directing the regulator to turn over the drafts and emails relating to a 2018 speech from William Hinman, the former director of the SEC’s Division of Corporate Finance.
reconsideration by February 17, 2022, and the Defendants may file their response by February 25, 2022. No reply briefs are permitted. Briefs shall be limited to ten pages (double-spaced) and the publicly-filed versions should be minimally redacted. The SEC may submit 10
— James K. Filan ???? (@FilanLaw) January 24, 2022
Ripple’s legal team will have until February 25 to submit a response. The SEC alleges that XRP was unregistered security at launch, and it remains security to this day.
However, Hinman does not consider all crypto assets to be securities. He said in his 2018 keynote that he doesn’t think of Bitcoin or Ethereum as securities due to the decentralized structure of their networks. Cryptocurrency lawyer and legal expert Jeremy Hogan said in a new tweet that there is “no silver lining” for the ruling against Ripple.
“Now discovery won’t conclude until March at the earliest.”
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Read more:
- Ripple Announced A $200-Million Series C Share Buyback, Take The Firm To A Record-High Valuation Of $15 Billion
- Ripple Wants To Stop The SEC From Withholding The Draft Of The Infamous Ethereum Speech