SEC asks for extension to deal with Ripple’s unexpected Garlinghouse – Roisman meeting

Rick Steves

The former SEC Commissioner Elad Roisman is viewed as an ally of the crypto space against the SEC’s current enforcement policy and the notes of the meeting with Brad Garlinghouse could indicate the extent of the infighting at the SEC.

The Securities and Exchange Commission has filed a motion to request yet another extension, this time of the SEC’s deadline to file a response to the recently reported motion to compel the production of attorney notes of a meeting between Ripple CEO Brad Garlinghouse and ex-SEC Commission Elad Roisman, who was known to be against the SEC’s regulation-by-enforcement practice in the crypto space.

The abovementioned motion to compel, filed by Brad Garlinghouse but affecting all defendants, adds further pressure to the SEC as the agency said it didn’t know the notes existed.

The former SEC Commissioner Elad Roisman is viewed as an ally of the crypto space against the SEC’s current enforcement policy and the notes of the meeting with Brad Garlinghouse could indicate the extent of the infighting at the SEC. More on that story, here.

SEC’s Mark R. Sylvester asked for a deadline extension to two weeks from the date of filing, February 24, 2022.

SEC promises not to hold up court with new extension

“Garlinghouse elected to file the Motion at approximately 8:50 p.m. on February 10, 2022, the evening before the SEC’s depositions of two of Defendants’ experts, but nevertheless opposes any extension beyond one week from the filing.

“The SEC submits that a two-week response time is appropriate in light of the crowded ongoing expert deposition and briefing schedule. Beyond the two depositions the SEC is taking today, the parties have three expert depositions scheduled next week—on February 15, 16, and 18—two of which entail travel to Austin, Texas, and the SEC will be filing its motion for partial reconsideration on February 17, 2022.”

The SEC also ensured the extension would would not affect any other case management deadlines in this matter and Garlinghouse will be entitled to an additional discovery period in the event Judge Torres denies his motion to dismiss.

“Even the initial fact discovery period is not complete, as Defendants have not yet completed their production of responsive documents pursuant to this Court’s November 8, 2021 Order”, the SEC stated, although the same can be said of the SEC’s lack of production.

“Finally, the SEC’s motion for partial reconsideration, which like Garlinghouse’s Motion addresses the application of the deliberative process privilege to internal SEC communications, will not be fully briefed until February 25, 2022”.

The SEC has been criticized for dragging the lawsuit more than needed. Attorney Jeremy Hogan has recently shared his suspicion that SEC’s delay tactics are either a pressure play on Ripple or there might be “something really bad” against the SEC in those documents the agency refuses to produce. More on that story, here.

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