SEC Files For Another Delay In Long-Running Ripple Case

The U.S. Securities and Exchange Commission (SEC) and Ripple lawsuit saw another motion for extension. The plaintiff has come forward to request the court to grant them extra time to file an opposition against the motion to include XRP holders.

Lawsuit faces another extension

Such extensions have already delayed the case proceeding which is directly hindering Ripple’s native token XRP’s growth. John Deaton had filed an application to allow him to speak for around 67K XRP holders in the long running lawsuit. The SEC intends to go against this application.

The Commission has mentioned that the letter filed by the defendant mentioned “letter motion”. However, it adds that they understand the letter to be a pre-motion letter as per the Court’s Individual Practices rule. The SEC raises that the due date for applying the opposition for this motion would be due by May 21, 2022. Meanwhile, considering the upcoming briefing deadlines and holidays, the SEC asks to stretch the last date till June 7, 2022.

It needs to be noted that the letter has mentioned that this is the SEC’s first request for an extension over this deadline. The lawsuit has already seen how the commission has applied tactics to delay many court proceedings. However, the motion also added that the defendants have no objection regarding this request.

Will this result in further delay?

Meanwhile, this move recommends further delay might be added to the proceeding of the case. The commission is still shielding the discovery of Hinman’s speech related documents. They have presented different arguments to delay the final verdict already. It is important to note that, its SEC’s job to secure the investor’s rights while in this case, they are trying to keep them out of it.

Deaton said that he is well aware of the aggression of the XRP holders regarding extensions. However, He also mentioned that this wouldn’t affect the scheduling of the proposed timeline.