Ripple Vs SEC: SEC Files Letter Saying It Is Satisfied With Discovery Phase
The U.S. Securities and Exchange Commission (SEC) seems to be gearing up for the next phase of its lawsuit against Ripple. The securities regulator has filed a letter stating that it does not seek to take additional discovery at this time.
The SEC is ready to advance in the case against Ripple
According to the letter shared by Attorney James K. Filan, a regular community commentator following the case, both parties still reserve the right to call for additional discovery if they deem it fit at a later time.
Pursuant to this Court’s March 23, 2022 Order (D.E. 452), and after meeting and conferring with Individual Defendants on April 14, 2022, the SEC respectfully informs the Court that the SEC does not seek to take any additional discovery at this time, the letter said.
While there is no timeline for when the case will end or knowledge if a settlement is being worked on, community members are considering the filing to be a good turn of events. With the filing, the case could potentially proceed to trial soon.
Meanwhile, the SEC’s letter is coming shortly after the court denied its motion for reconsideration of the deliberative process privilege (DPP) ruling. The judge upheld her previous decision, asserting that the SEC’s motion was an attempt to have a favorable decision whether or not the contested documents were deliberative.
Ripple is more confident of a win than ever
With several other rulings that have been big wins for Ripple, the fintech firm is getting more confident in the likelihood of its victory. In a recent interview with CNBC, Ripple CEO, Brad Garlinghouse said that the case has gone better than expected.
The lawsuit has gone exceedingly well, and much better than I could have hoped when it began about 15 months ago, he remarked.
Meanwhile, Ripple sympathizers are also not giving the SEC a break in their support of Ripple. Added to the attorney John Deaton led XRP Army and Empower US cases against the SEC concerning Ripple, there is now a third force battling the SEC.
Attorney Fred Rispoli has filed a class-action suit against former SEC officials Jay Clayton and William Hinman on behalf of XRPL users. The attorney claims the two former SEC members had a conflict of interest in the handling of Ripple while at the commission.
- Cyber Hornet Seeks SEC Nod for S&P 500 and XRP ETF
- Cathie Wood’s Ark Invest Eyes Stake in Tether as USDT Issuer Targets $500B Valuation
- Kraken Secures $500M at $15B Valuation, Eyes IPO in 2026
- Bybit Lists Ripple’s RLUSD Following BlackRock and VanEck Integration
- SWIFT Plans Stablecoin and On-Chain Messaging Pilot on Linea, Challenging Ripple
- Solana Price Set for Q4 Surge as Canary Capital ETF Filing Meets Wyckoff Accumulation
- Avalanche Price Could Surge to $50 as Transactions Jump 200%
- CHMPZ Price Prediction:Will This Net-Zero Community Token be the Next Gem?
- Ethereum (ETH) Price Set for a rebound as Whales Accumulate $1.6B ETH and Outflows Hit $622M
- HYPE Price Prediction As Bitwise Files For Hyperliquid ETF – Is $55 In Sight?
- Shiba Inu Price Eyes Recovery From Demand Zone With Burn Rate Soaring Nearly 400%
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
