Ripple Is Aiming To End SEC Lawsuit By Mid-May

March 24, 2022 1:53 pm

In the SEC vs. Ripple lawsuit, the SEC has once again submitted a request for an extension on when the court will be informed on whether or not the plaintiff will continue doing additional discovery.

The original deadline was originally scheduled to be on March 23 on which both Ripple and the SEC would give a discovery schedule.

If this extension goes through, it will push the deadline most likely by another week again and the defendant already intends to object this extension.

As a result, the objection to the extension will most likely be submitted as soon as possible to prevent any further delays, but the decision will end up at the court again.

FinanceFeeds reports:

“Although the SEC does not anticipate any additional liability-related discovery, the SEC is unable to commit to a position until after it has had an opportunity to review the individual defendants’ answers, including any affirmative defenses that they may assert and facts they plead in support”.

According to the letter, the attorneys representing Chris Larsen and Brad Garlinghouse told the SEC that they do not seek to conduct liability-related discovery now, but want to reserve their ability to conduct remedies-related discovery until after summary judgment motions are decided.

Ripple also disagrees with the SEC on the current timeline as Ripple wants to continue to proceed to the briefing while the discovery motions are pending.

However, the SEC is saying that doing the briefing right now would be too early in the process and that a summary judgement schedule needs to be confirmed on by both parties before proceeding to the next steps.

As a result, this would mean that the mid-May date would most likely be delayed to a later time if things go according to the SEC’s plans.

This is not the first time that the SEC has tried such tactics and comes unsurprising to many who have been observing the case for the past year.

CoinGape reports:

Meanwhile, Ripple registered their objection saying that the commission has delayed the resolution of this case long enough.

Furthermore, the SEC requested the court to direct the parties to discuss a summary judgment schedule only after the commission advised of its position on the need for additional discovery.

The Ripple has opposed the SEC’s request for an extension of the March 23 deadline to file a letter over any additional discovery.

The defendant affirmatively proposed to the court that no further delay should stop them from proving that XRP is not a security.

The SEC so far has also been accused of many different contradictions on the facts that have been presented throughout the case which involve details such as Hinman’s opinions.

More recently, backlash was received by the committee when it tried to do a expert report which was not allowed and also poorly done as the report seemingly failed at doing basic math.

The lack of proper procedure has stirred up interest from some members of Congress as well which has recently submitted a letter inquiring about the SEC’s recent regulatory actions.

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