Ripple and XRP Holders fail to convince Judge: SEC granted two-month extension

Rick Steves

Some might disagree with the Judge’s statement that the extension of the expert discovery deadline by two months will not affect the schedule of the SEC v. Ripple lawsuit.

We have covered the SEC’s request to extend the expert discovery deadline from November 12, 2021, to January 14, 2022.

Our recent article includes the transcription of parts of the SEC letter and comments from Ripple’s General Counsel Stuart Alderoty, attorney Jeremy Hogan, and even Judge Torres, who had denied the XRP Holders’ motion to intervene on the grounds that “the court is not inclinded to permit further delay”.

Since then, Ripple filed its opposition to the extension, arguing that it is needless and that further delay would prejudice Ripple and the market for XRP.

John Deaton, on behalf of the XRP Holders, also filed a motion requesting the court to consider their perspective on the matter under their Amicus Curiae status, recently attributed.

“In opposing the SEC’s request for this delay, Ripple’s argument focuses on how the “freezing” of XRP markets within the United States impacts Ripple. The negative impact on XRP Holders is even more profound”, he wrote, adding that nearly every digital asset exchange in the United States.

“In addition to owning XRP on those exchanges, many XRP Holders hold XRP in retirement brokerage accounts. The
XRP in these retirement accounts have also been “frozen” due to the SEC enforcement action alleging XRP to be an unregistered security. The lack of liquidity within the United States, coupled with the mass de-listings prevents XRP Holders from trading, selling, transferring, or converting their XRP.

Judge says the discovery extension will not affect schedule

Judge Sarah Netburn denied John Deaton’s motion and ordered the expert discovery deadline extension to January 14, 2022, as requested by the Securities and Exchange Commission.

“While the Court recognizes that both parties have dedicated substantial resources to prosecute this case, given the pending motions to dismiss and strike, and the previous adjournment of any deadline to file a motion for summary judgment, the additional time sought by the SEC will not affect the schedule to resolve this case.

“Rather, the additional time sought by the SEC will allow both sides to complete the outstanding fact discovery and properly prepare for expert depositions”, Judge Netburn wrote.

Some might disagree with the Judge’s statement that the extension of the expert discovery deadline by two months will not affect the schedule of the SEC v. Ripple lawsuit.

Attorney Jeremy Hogan has commented on that: “Judge argues that the additional time will not affect the schedule to resolve the case but I don’t see how that is possible; it HAS to affect the schedule for briefing summary judgment. Case summary judgment resolution now not until March-May 2022.”

The discovery deadline extension will provide more time for the SEC to analyze Ripple’s recordings in search of evidence that the company and the individual defendants marketed XRP as a security.

On the other hand, it will also give the SEC more time to answer the nearly 30,000 requests for admission presented by Ripple.

Read this next

Digital Assets

Centralized exchanges are 10 times more popular than DEXs in Western Europe

Western European traders are found to prefer centralized exchanges over decentralized ones as CEX traffic outpaces DEXs by a factor of ten.

Market News

Stock Market Analysis: Is NVDA Losing Its Leadership?

Since the beginning of the week, the S&P 500 Index (US500) has seen a modest increase of about 0.58%, whereas NVDA’s share price has experienced a decline of approximately 3.8%. This recent divergence raises concerns among Nvidia stock investors — could it signify a loss of NVDA’s market leadership?

Industry News

ESG: Australian regulator wins first greenwashing court case against Vanguard

Vanguard admitted that a notable portion of the securities within both the Index and the Fund did not undergo the promised ESG scrutiny.

Fintech, Uncategorized

BitMEX integrates HALO from Solidus Labs for cross-market surveillance

““The recent approval of the Spot Bitcoin ETF has piqued the market’s interest. As a result of price volatility, the trading volumes for crypto derivatives have gone up substantially. HALO, with its advanced technology and crypto-native detection architecture, will enable BitMEX to smoothly and safely scale trade surveillance across its increased trading volumes and provide the necessary safeguards for new product launches.”

Reviews

IUX Broker Review

IUX, recently rebranded from IUX Markets, stands as a multi-asset Forex broker recognized for its regulatory compliance across various jurisdictions.

Industry News

Horizon Software rebrands to Horizon Trading Solutions

“Horizon Trading Solutions has seen accelerated global growth over the past year to meet the rising demand for our trading solutions and built-for-purpose technology offering. The choice to rebrand represents a key part of this development, while maintaining our heritage and history in the industry.”

Market News

USDJPY has surged to levels last witnessed in 2022. Should we consider opening a short position?

The recent resurgence of the US dollar has propelled USD/JPY to new heights, touching levels not seen since 2022. This surge comes against the backdrop of stable short-term yields and ongoing economic data that fails to signal a significant slowdown, prompting questions about the extent of current monetary easing measures.

Digital Assets

DED Trends on Twitter After Memecoin Snapshot Announcement

Polkadot-backed community coin #DED, made it to the trending charts on X, demonstrating community’s engagement and interest behind the memecoin. 

Digital Assets

BlockDAG Presale Nears $10 Million Amid Toncoin’s Momentum, Green Bitcoin’s Presale, and the Rise of Other Top Cryptos

This article will examine three top trending topics: Toncoin’s potential, Green Bitcoin’s innovative presale, and BlockDAG’s sustainable mining approach. These cryptocurrencies take centre stage for their uniqueness and innovation.

<