The United States Securities Exchange Commission is attempting to delay the XRP lawsuit further.
The regulator filed yet another motion requesting the federal judge for a brief time extension in the courtroom battle that has been drawn out for more than a year now. Interestingly, the SEC’s new letter had a footnote indicating that Ripple recommended initial summary judgment briefs be filed as early as mid-May.
Ripple: The SEC Has Delayed Resolution Of Case “Long Enough”
Trouble in Ripple paradise began when the SEC filed a lawsuit against the San Francisco-based blockchain payments startup and two of its top officials back in December 2020. The agency alleged that they unlawfully sold XRP for eight years through an unregistered securities offering. Ripple and the SEC have been battling it out in court since then, with neither party opting for settlement.
The SEC recently requested a one-week extension to advise the court about its position regarding carrying out any additional discovery.
The individual defendants in the case are seeking to conduct discovery after the judge announces her ruling on the summary judgment motions. They have not specified the degree of the discovery they will be conducting, which explains why the SEC is asking for more time to establish whether it’s necessary. The SEC argues that the briefing schedule proposed by Ripple is premature.
However, Ripple says the securities watchdog has delayed the resolution of the misguided lawsuit “long enough”. The company is strongly opposed to the extension of the March 23 deadline to file a motion about any additional discovery, adding that “nothing should further delay Ripple from moving for summary judgment and demonstrating to the Court that XRP is not a security.”
Can XRP Reach A New All-Time High After The Positive Developments In The Case?
While Ripple wants to expedite the litigation process, the SEC is clearly hell-bent on delaying the case as it edges towards its final stages.
“The Court should deny the SEC’s motion for yet another extension of time. The parties will then identify by March 23 any additional discovery that is needed. Once those letters are filed, the parties can then propose to the district court appropriate schedules for summary judgment and Daubert briefs,” Ripple’s letter to Magistrate Judge Sarah Netburn reads.
All in all, Ripple has enjoyed momentous success in recent months as bullish XRP sentiments continue to grow. Most recently, US District Judge Analisa Torres denied the SEC’s motion to stop Ripple from citing its key fair notice defense. Ripple CEO Brad Garlinghouse was pleased with the ruling, as ZyCrypto reported. He believes the “huge win” was not just for Ripple but for the whole cryptocurrency industry as well.
Garlinghouse is also confident the cases against him and executive chairman Chris Larsen will be dismissed ultimately.
It remains to be seen whether XRP can retake its previous all-time high on the back of these bullish developments. The Ripple-affiliated token is changing hands at around $0.8493 at press time, a 4.02% increase in value over the last day.
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