The SEC Seeks Further Time In The Ripple Lawsuit.

2022-03-15 | Selina Mathew

The SEC Seeks Further Time In The Ripple Lawsuit.

The Securities and Exchange Commission of the United States has submitted an application for a time prolongation.

The claimant has informed Magistrate Judge Sarah Netburn that the accused have consented to the motion, implying that the petition would almost certainly be granted by the bench.

The delay is required so that the government may respond to Ripple's newly filed move to strike a second specialist assessment.

Dr. Albert Metz, a securities and finance specialist, wrote the response paper, which tackles the "economic importance" of Ripple's statements in respect to the behavior of the XRP coin. The plaintiffs, on the other hand, maintain that the SEC should not have the last word in the discovery phase. Ripple says that the additional report contains no new information.

Retired federal prosecutor James K. Filan, who carefully monitors the Ripple vs. SEC issue, believes that the plaintiffs' objection to the delay makes no "strategic reason" since two more days are "insignificant."

Meanwhile, Federal Judge Analisa Torres refused the SEC's petition to dismiss the plaintiff's "fair notice" claim. Ripple CEO Brad Garlinghouse declared it a huge victory for the accused. However, Stephen Palley, a partner at the legal company Anderson Kill's Washington, D.C. office, believes it is improbable to occur technically. He claims that because it was not a decision on the grounds, it was not conclusive.

Garlinghouse's, as well as co-creator Chris Larsen's applications to terminate the Ripple lawsuit, were similarly dismissed by the court.

On prominent spot markets, the XRP cryptocurrency is now trading around $0.75.

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