Ripple (XRP) opposes the SEC’s request for an extension of the discovery deadline
On January 31, 2017, the US Securities and Exchange Commission (SEC) requested that a Manhattan federal court extend the deadline for the parties to complete discovery in the filed lawsuits regarding the ripple (XRP) price manipulation case.
As recent as last month, the SEC had agreed to extend its discovery deadline in a case against Ripple (XRP) and its founder, Jed McCaleb. This is especially exciting news for Ripple (XRP) and the entire cryptocurrency community, as the SEC’s December 22, 2017 deadline would have otherwise prevented many in the community from cooperating with the case, which may have otherwise dragged on for even longer.
Ripple (XRP) is a virtual currency which has been in the spotlight recently. It seems that the coin is not approved by the SEC as a security, which is the reason why they are asking for an extension of the discovery deadline. However, the coin has a lot of support. XRP is the token which is used by Ripple to move money. It is one of the top virtual currencies and the third-largest blockchain in terms of the market capitalization.. Read more about sec vs ripple update and let us know what you think. Ripple Labs’ legal representative in court, James C. Filan shared on Twitter that the company has filed an objection to the SEC’s request to extend the disclosure deadline by two months. In a lawsuit against Ripple, the SEC’s request to extend the disclosure period could further delay the process and jeopardize the company’s ability to continue operating in the United States.
SEC misstated reasons for rejecting Ripple
The second one. In June, the U.S. Securities and Exchange Commission filed a formal request with U.S. District Judge Analise Torres to extend the deadline for disclosure and investigation by 60 days. Six days later, Ripple’s legal defense filed an objection to the requested extension of the disclosure deadline. It argued that extending the disclosure deadline in this case would be extremely detrimental to Ripple, adding that the SEC had not met its burden of proving that there was good cause to extend the deadline. #XRPCommunity #SEC_NEWS v. #Ripple #XRP Ripple has filed an objection to the SEC’s request to extend the 60-day disclosure period.https://t.co/rh761CqkNU – James C. Philan (@FilanLaw) 8. June 2021 Ripple’s counsel also noted that the SEC misrepresented why Ripple objected to the expanded access to information, while defending its position that the enforcement action was brought before the investigation was completed. The SEC’s two-and-a-half-year investigation that preceded the case against Ripple gave regulators a significant lead in the case, but the defense said that was no reason to oppose the extension request. The defense also acknowledged the company’s desire to obtain summary judgment as quickly as possible because the lawsuit itself poses a serious threat to Ripple’s ability to continue operating in the United States, but noted that this is not an arbitrary preference for speed.
The original term was 2 years. July for the survey and the 16. August for expert testimony. In its request for postponement, the SEC said it needed more time to complete the witness interviews, adding that its request to interview six additional witnesses and to require Ripple to provide additional documents was pending before Judge Netburn. Ripple’s defense argued that this was not a sufficient reason to change the disclosure timetable, pointing out that the delay would pose an existential threat to Ripple’s U.S. operations.
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The SEC recently requested that the court grant them an extension of the discovery deadline for the case against the founders of the crypto exchange Bitfinex, which is ongoing in New York. According to the SEC, the discovery deadline should be extended because they have yet to receive all the documents and other information they requested in the initial case.. Read more about ripple, sec lawsuit update and let us know what you think.
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