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The SEC’s lawsuit against Ripple, alleging the improper sale of unregistered securities, is weighing on the XRP token’s price.
The SEC contends that Ripple was offering XRP as an unregulated investment. According to them, Ripple’s network is not decentralized because it was funded by Ripple’s founders.
The legal battle between the SEC of the United States and Ripple has been going on for about two years now. The SEC has recently requested a further delay in the release of critical internal memos relevant to its opinion on the use of XRP as a cryptocurrency token.
After filing a request to raise its opposition against Judge Netburn’s recent order regarding records linked to Former Director William Hinman’s now disreputable lecture on Ethereum, the commission filed an objection of its own. On the other hand, Netburn had determined that documents on Hinman’s speech were not protected by judicial process privilege.
The SEC Wants More Time
Currently, the SEC is requesting an extension of a minimum of 14 days to oppose the court’s January and also April orders, which mandate the release of documents connected to the Hinman speech. Aside from this, it stated that extra time would be granted following the Judge’s impending rulings on privilege claims.
The SEC’s approach to the litigation has sparked debate, particularly in light of the regulator’s repeated requests for a postponement of the proceedings. The court’s most recent order, which directly addressed Hinman’s statement, stated that the SEC should refrain from arguing over the topic since doing so would constitute conflict with the court’s conclusion. The commission now intends to submit a single brief in which it will establish privilege claims against the speech materials.
Unlike in previous instances, the commission intends to file a suit accompanied by a statement of the defence lawyer privilege. It also seeks edited sections of the memoranda to be excluded from the public record on the grounds of judicial process privilege grounds.
Is Summary Judgment Postponed?
The SEC has said that this extension request will not have any impact on any other case relating to the deadlines in the future. Defendants also stated that they would want a resolution on their request to challenge some SEC’s privilege arguments before proceeding to summary judgment.
Both parties have set a meeting for April 22, 2022, during which they will submit a recommended summary judgment timetable. It is anticipated that the summary decision will provide crypto aficionados with insight into the direction in which this case will take them.
It could also determine whether or not the lawsuit will result in a resolution or whether or not a new policy governing digital assets will be implemented.
Moreover, Ripple has stated that it is comfortable with the discovery process of the litigation and does not require any additional internal information from the company.
Claims by Ripple that the SEC is establishing designations based on assumptions rather than merit rather than the real worth. They argue that their operations are not significantly different from those of other platforms that have received a green light.
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