Ripple

Ripple Vs SEC : Ripple Gets a Setback in Lawsuit Against SEC

Highlights

    In the most recent update on the hearing of the SEC vs Ripple case, a couple of interesting events amazed the XRP community

    As Ripple’s stands appear to be stronger, the XRP price is also expected to rally once the stand-off is settled

The ongoing lawsuit between Ripple and SEC has seen some new developments over the past 24 hours. These additional orders are a setback for Ripple Labs, as they will cause the battle to drag on even longer.

Magistrate Judge Sarah Netburn has issued three “text-only” orders in the Ripple case. The first order granted the SEC’s request to extend the fast discovery deadline to August 31 and the expert discovery deadline to October 15. 

The second and third orders granted requests from Execs Garlinghouse and Chris Larsen on 6/2 and 6/11 that she issue request letters to foreign entities to obtain international discovery documents. 

XRP community member and Attorney James Filan took to Twitter to notify the same.

Attorney Jeremy Hogan reacted to the matter on Twitter, saying that this grant will set the entire case back 60 days. He does, however, describe it as an expected move and estimates that the case will be resolved by early 2022.

“The Judge grants SEC’s motion for 60 more days to conduct discovery. Not unexpected, but this will push the entire case back 60 days. That would mean (quick calculations) Summary Judgment sometime in December/January.  Absent a settlement, this case is going to end in early 2022!”

Ripple’s reply in support of their Motion to Compel the SEC to turn over internal BTC, ETH, and XRP documents has also been published by Attorney Filan.

On Twitter, proponents of Ripple are querying the ruling, questioning whether the 8 years given to the SEC to gather evidence was insufficient. The fact that SEC ignored the judge’s order twice was also pointed out.

Tags
Show More

Haripriya Sureban

A writer and a Crypto fanatic exploring the DeFi Space. Staying abreast on all the crypto trends and trivia is my forte. For the rest I nerd out on movies and series.

Related Articles

Back to top button
Close
Close