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.