Ripple fails to stop discovery extension amid SEC’s 180º on Hinman’s speech

Rick Steves

The plaintiff has made a 180º turn by suggesting that the speech wasn’t merely peripheral to actual policy formulation”, but was in fact an “essential link” in the SEC’s deliberative process with respect to Ether” and other digital assets. 

Judge Sarah Netburn has granted, in part, the SEC’s request for extension of time regarding reconsideration of her DPP Ruling much to the surprise of the wider community following the case.

Expert discovery had been pushed back by one month due to the spread of the Omicron variant following a joint motion. After that court decision, attorney Jeremy Hogan said the change in schedule is likely to mean the judicial end of the SEC v. Ripple lawsuit would be in August – September 2022.

Now that the SEC has been granted an extension in order to file a motion for the reconsideration of the court’s recent DPP Ruling, expert discovery won’t conclude until March at the earliest.

Discovery won’t conclude until March at the earliest

“The SEC’s request is granted in part. The SEC may file any motion for reconsideration by February 17, 2022, and the Defendants may file their response by February 25, 2022”, wrote Judge Sarah Netburn in the court order.

“No reply briefs are permitted. Briefs shall be limited to ten pages (double-spaced) and the publicly-filed versions should be minimally redacted. The SEC may submit 10 additional documents for in camera review, along with its motion.

“The deadline for either party to file an objection to District Judge Torres from the Court’s January 13, 2022 Opinion & Order is stayed until 14 days from a decision on the motion for reconsideration.”

The wider XRP community was surprised by the decision as Ripple’s objection to the request pointed to the “plainly not appropriate” arguments that the SEC was raising.

The SEC seems to be desperately trying to overturn the ruling that made available to Ripple the documents regarding emails and drafts of ex-SEC Director Hinman’s 2018 speech.

The plaintiff has made a 180º turn by suggesting that the speech wasn’t merely peripheral to actual policy formulation”, but was in fact an “essential link” in the SEC’s deliberative process with respect to Ether” and other digital assets.

This statement goes 100% against the SEC’s prior position on the matter as the agency said in court the speech was Hinman’s personal opinion. Ripple CTO David Schwartz even choked on his Diet Coke, he said earlier this week.

“Hard to spin this favorably […] The only thing I can think of is maybe the Judge suspects the SEC will not only appeal her decision to Judge Torres but also to the 2nd Circuit and she wants to issue a bulletproof decision”, said XRP Holders’ John Deaton.

“There’s no silver lining in this ruling granting the SEC extensions of time – even if the order on the Motion for Reconsideration is eventually upheld. Now discovery won’t conclude until March at the earliest”, Jeremy Hogan also commented.

Read this next

Digital Assets

BlockDAG’s Presale Achieves $9.9M: Aiming For A 5000-Fold ROI As Cardano’s Price Rises And Fantom Launches Sonic

Explore Cardano’s surge, Sonic’s efficiency, and why BlockDAG’s growth makes it the top crypto choice. A deep dive into the future of blockchain investments.

Digital Assets

US, UK probe $20 billion Tether transfers tied to Russian exchange.

U.S. and UK authorities are investigating the movement of $20 billion in the USD-pegged stablecoin tether (USDT) through Moscow-based exchange Garantex.

Digital Assets

BlockDAG Presale Raises $9.9M as Batch 5 Nears Sell-Out Amid Bonk’s Fluctuating Trading Volume & Spell’s Bullish Price

Explore BONK’s trading volume, SPELL’s market shifts, and why BlockDAG’s 10,000 ROI makes it an ideal crypto for savvy investors in 2024.

Digital Assets

Bybit expands into Europe amid regulatory scrutiny

Dubai-based cryptocurrency exchange Bybit is expanding its operations in Europe after encountering regulatory challenges in Hong Kong.

Digital Assets

Cathie Wood’s sponsored Bitcoin ETF sees historic $200 million inflows

The ARK 21Shares Bitcoin ETF (ARKB), co-sponsored by Cathie Wood’s ARK Invest, registered historic inflows exceeding $200 million on Wednesday, signaling a robust appetite among investors for Bitcoin-centric investments.

Digital Assets

Sam Bankman-Fried might see his 25-year sentence halved

Sam Bankman-Fried, the founder of the failed cryptocurrency exchange FTX, was sentenced to 25 years in federal prison by a Manhattan court on Thursday. This comes after he was convicted of defrauding customers and investors, with Judge Lewis Kaplan highlighting the potential future risks posed by Bankman-Fried.

Technical Analysis

EURJPY Technical Analysis Report 28 March, 2024

EURJPY currency pair under the bearish pressure after the pair reversed down from the major resistance level 164.25, which also stopped the sharp weekly uptrend at the end of last year,

Digital Assets

BlockDAG’s Presale Hits $9.9M, MultiversX & MINA Price Predictions Show Green

Read about BlockDAG’s promising $10 prediction and insights on MultiversX Price Prediction as MINA’s potential unfolds.

Digital Assets

Rockstar Co-Founder and All-star Line Up Join Advisory Board to Take Metacade into Post Beta Orbit

Metacade, the revolutionary Web3 gaming platform, prepares to streak out of beta with a slew of ground-breaking initiatives that will redefine the way blockchain games are developed.

<