Expert Discovery Deadline Pushed Back A Month In Ripple Vs. SEC Case – Here’s What It Means
The Ripple vs. SEC case will be pushed a month back due to the surging Omicron variant of the Coronavirus in the US. This was revealed in a tweet by Eleanor Terrett who is a well-known journalist at Fox Business.
Eleanor tweeted, “The expert discovery deadline in the Ripple vs. SEC case will be pushed back a month due to the rapid spread of the Omicron variant. A source close to the case tells @FoxBusiness a letter outlining this new motion will be filed in court as early as tomorrow.”
SCOOP: The expert discovery deadline in the Ripple vs. SEC case will be pushed back a month due to the rapid spread of the Omicron variant. A source close to the case tells @FoxBusiness a letter outlining this new motion will be filed in court as early as tomorrow. #XRP
— Eleanor Terrett (@EleanorTerrett) January 12, 2022
SEC vs Ripple case
Before going into the details, it is imperative to know what exactly the case between Ripple and SEC is. The SEC had filed a case on December 22, 2020, against Ripple Labs and two of its executives. The SEC contends that Tipple traded $1.3 billion in their cryptocurrency XRP as security without registering it with the SEC. Ripple and other parties have since countered with claims that the SEC is biased in its assessment.
Most of the companies who have faced the wrath of the SEC often acceded to the demands and went on for a compromise. However, Ripple is not taking the matter lying down and has decided to take the case to its logical conclusion.
Ripple’s accusations
Ripple accuses the SEC of bias and applies the definition of “security” to virtual currencies. If this is proven to be true, it would undercut the commission’s authority, not to mention blemish the credibility of their case.
Under SEC regulations, securities must be registered with the commission, and specific financial statements must be publicly disclosed. The objective is to negate fraud and protect the stakes of investors.
- Trump Picks SEC Crypto Counsel Michael Selig to Lead CFTC Amid Crypto Oversight Push
- First Spot XRP ETF Hits Milestone as CME Flags Institutional Interest
- Can Hype Price Hit $50 After Robinhood Listing?
- XRP News: Ripple Unveils ‘Ripple Prime’ After Closing $1.25B Hidden Road Deal
- Traders Price In Two More Fed Rate Cuts This Year After Soft Inflation Data
- HBAR Price Targets 50% Jump as Hedera Unleashes Massive Staking Move
- Chainlink Price Outlook: Analyst Predicts $100 as Reserve Adds 63K LINK
- SUI Price Prediction as TVL and Monthly DEX Volume Hit All-Time Highs- What’s Next?
- PUMP Price Prediction as Whales Accumulate 4.2B Tokens- Is 135% Rally Next?
- Dogecoin Price Crash Looms as Flag, Death Cross, Falling DOGE ETF Inflows Coincide
- Solana Price Prediction as Osprey’s S-1 Filing and Hong Kong’s ETF Launch Fuel Reversal Hopes- Is $250 Next?