Ripple

Ripple Vs SEC : Will Ripple’s Connection With The Federal Reserve Turn Tables Around Its Lawsuit?

Written by: Qadir AK

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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Feb 12, 2022

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Highlights

    The SEC files a motion for extension of time to respond to the turn over of notes.

    Ripple’s connection with Federal Reserve turns heads of the crypto fraternity.

The global crypto market sees constructive developments around its longstanding top tier protocol’s lawsuit. The Ripple SEC clash has been coming across a series of motions and retaliations from the parties. Which has heated up the talks in the business, with industry folks standing in support of Ripple.

In a recent build up, the plaintiff’s have filed a motion for extension of time to respond to the turn over of notes from the 2018 meeting. Which seeks grants from the judiciary, despite the objections by the defendants. In the midst of heated discussions around Ripple’s lawsuit, other lawsuits with the SEC makes round. On the contrary, Ripple’s connection with FED turns heads of the fraternity.

Has The SEC Rolled-Up Its Sleeves To Take Down Ripple?

As aforementioned, the SEC has filed a motion for an extension of time until 24th February 2022. The current deadline for which is on the 17th of February 2022. To respond to the Ripple’s motion to compel turnover of notes from the 2018 meeting between Bradley Garlinghouse and Commissioner Roisman.

The filing shared by Defense lawyer James K. Filan illustrates that, in the filing the SEC submits that a 2-week response time is appropriate. In light of the ongoing expert deposition and briefing schedule. The regulating authority further cites that, beyond the two depositions the SEC is underway. The parties have “3-expert depositions” on 15th,16th, and 18th of February. 

Moreover, the SEC will be filing its motion that the request in extension would not prejudice Garlinghouse for a number of reasons. The plaintiffs cite that the extension would not deter any other deadlines. In addition, second under the case management order, Garlinghouse will be entitled an additional discover,if his motion to dismiss. 

It is also cited that, the initial fact discovery period to not have completed, as the defendants are yet to complete their part. While, Bradley Garlinghouse did file an objection to the SEC’s extension request. The court in a text only order has granted the appeal of the SEC. At that time, the SEC is further ordered to email to chambers the challenged “Estabrook notes” for in camera review. 

Ripple Now Refuses To Bow Down To The Torments?

Ripple has been spreading its wings on the other side of the spectrum, despite the ongoing torments. A proponent sheds light on the fact that Federal Reserve will be using Ripple ODL for 24X7X365 for instant cross-border payments. 

In addition, Ripple has announced joining the Digital Euro Association as a supporting partner to further develop work around CBDCs. Which would further empower the firms initiative around CBDCs, with its expertise around blockchain and cryptocurrencies.

Summing up, savvies cite that the very SEC which had filed the lawsuit is constantly equesting for extensions, which has now become a routine affair. In addition, Ripple has not been the only one from the cryptosphere to be troubled by the SEC. As the lawsuit of LBRY has been picking up steam in the community. 

Moreover, Empower Oversight’s issue has also been bringing SEC’s torments to notice. That said, the XRP army is optimistic of Ripple’s triumph against the unruly act of the SEC. Irrespective of the tantrums of the regulating authority. Once subsided, XRP rocketing with ultra bullish scores is what the fraternity is looking forward to.

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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