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SEC wins ruling to submit discovery against Ripple Labs

SEC

TL; DR Breakdown

  • Court grants SEC permission to submit discovery against Ripple Labs
  • The commission has seven days to submit discovery
  • XRP community shows frustration over SEC’s delay in the case

The protracted case between the United States SEC and Ripple has continued to go down the wire with no final verdict yet in sight. Although the buzz has died down a little, both parties still have a tug of war in the courtroom. In a recent update concerning the case, the court has allowed a small extension to see the commission submit a key piece of evidence against both founder Chris Larsen and CEO Brad Garlinghouse.

The commission has seven days to submit discovery

The long-standing legal tussle has continued to generate interest from the media after the United States SEC accused the crypto outfit of selling unlicensed securities. According to the commission, Ripple Labs sold about $1.3 billion worth of XRP to the public without a license on what it branded securities.

Ripple then hit back that its asset is a mode of settling international payments while arguing that the regulatory body refused to notify them about it being security on time. Although this ruling gives brief control of the legal battle to the SEC, various parties across the crypto sector have bemoaned the commission’s actions. According to various outside parties, the commission wants the legal battle to continue in a bid to frustrate Ripple Labs into a submission.

XRP community shows frustration over SEC’s delay

This latest news was made known to the public by the lawyer of the defending party, James K Filan, who mentioned that he got the update via text. Notably, Filan used to work as a prosecutor in a federal capacity in the country. According to the order, the commission has precisely seven days to make its discovery known to the court. With the whole process undergoing another trackback, Ripple will be allowed up to April 8 to prepare a response to the commission’s complaints.

Meanwhile, the court’s decision on the additional evidence will be heard on April 15. Filan has also mentioned that these dates are subject to change by how swift Ripple Labs takes action regarding the evidence. The XRP community has continued to show anger at the behavior exhibited by the regulatory body, with some noting that they are trying to waste time. Others also believe that Ripple could also benefit from the protracted lawsuit when it is eventually over.

According to a Twitter user, the schedules will allow the commission to move accordingly, and when it elapses, there will be no room for any further delay. He also mentioned that the commission wouldn’t blame the lack of evidence of wrongdoing on a frustrated timeline when a final verdict is eventually passed.

Owotunse Adebayo

Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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