The US Securities and Exchange Commission is seeking to postpone the Ripple case even more. The regulator filed yet another application, asking a brief time extension from the federal judge in the judicial battle that has been ongoing for more than a year. Surprisingly, the SEC’s latest letter included a footnote saying that Ripple proposed filing initial summary judgment papers as early as mid-May.
Trouble in Ripple paradise began in December 2020, when the SEC filed a lawsuit against the San Francisco-based blockchain payments firm and two of its senior executives. The agency said that they sold XRP illegally through an unregistered securities offering for eight years. Since then, Ripple and the SEC have been fighting in court, with neither party willing to settle.
The SEC recently asked a one-week delay to inform the court of its stance on any new discovery.
The individual defendants in the lawsuit are seeking to undertake discovery after the judge delivers her findings on the summary judgment applications. They have not indicated the scope of the investigation, which is why the SEC is requesting additional time to determine if it is warranted. The SEC contends that Ripple’s proposed briefing schedule is premature.
However, Ripple claims that the Securities and Exchange Commission has delayed the conclusion of the erroneous case for far too long.
The business is vehemently opposed to the extension of the March 23 deadline to file a motion concerning any more discovery, noting that nothing should further delay Ripple from moving for summary judgment and establishing to the Court that XRP is not a security.
While Ripple wishes to speed the lawsuit process, the SEC appears hell-bent on postponing the case as it nears its conclusion. Overall, Ripple has had tremendous success in recent months, with optimistic XRP sentiments continuing to rise. Recently, US District Judge Analisa Torres dismissed the SEC’s attempt to prevent Ripple from using its essential fair notice defense. According to reports, Ripple CEO Brad Garlinghouse was happy with the judgment.
He feels that the massive victory was not only for XRP, but for the whole cryptocurrency sector. Garlinghouse is likewise convinced that the charges against him and executive chairman Chris Larsen will be dropped.
It remains to be seen if these positive factors will allow XRP to reclaim its prior all-time high. At press time, the Ripple-affiliated cryptocurrency was trading at roughly $0.8493, representing a 4.02 percent rise in value over the previous day.