XRP Lawsuit: Ripple objects further extensions in lieu of frozen XRP markets

By Palak Malhotra
Published October 20, 2021 Updated October 20, 2021
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XRP Lawsuit: Ripple objects further extensions in lieu of frozen XRP markets

By Palak Malhotra
Published October 20, 2021 Updated October 20, 2021

The latest update in the XRP lawsuit saw Ripple file an opposition to the SEC’s letter seeking a two-month extension of the Court-ordered expert discovery deadline, dragging the case further into the new year. Ripple noted that while it agreed to extend the deadline for rebuttal expert reports to November 12, expert discovery should not be extended beyond December 10.  Ripple asserted that extending expert discovery to January 2022 will “unduly prejudice” Ripple and continue to “freeze” XRP markets in the United States.

XRP remains bearish during the ongoing bull run

As other tokens are enjoying the ongoing bull run, XRP continues to stay bearish because of the lawsuit. Ripple suggested that the court should consider whether allowing further modifications in the schedule at this stage of the litigation will prejudice defendants. The defendants argue that with every additional day this suit is pending is another day where the XRP markets remain frozen, and these are the markets that Ripple depends on for its product offerings, therefore it is “severely prejudicial” to Ripple’s business.

“The SEC’s claim that its proposed extension “would not prejudice Defendants in any material way” ignores the obvious. The pendency of this lawsuit has significantly hurt the markets for XRP, especially in the United States. Ripple’s cross-border payment product relies on liquid XRP markets. The SEC well knows that within days of it filing its suit, almost 20 exchanges de-listed or suspended XRP trading in the United States,1 and more have since followed suit, critically damaging the market for XRP.”

SEC’s December 17 compromise exposed

Ripple also highlighted the SEC’s hypocritical move in approaching the defendants for a compromise that it eventually agreed to but filed a completely different motion. The defense noted that the plaintiff’s initial proposal that was made just three days before it filed this motion, was to extend the expert discovery deadline to December 22. The day before the SEC filed its motion, Ripple offered the December 10 deadline, to which the SEC disagreed and proposed December 17. However, on the very day, the commission filed a motion appealing for an extension of expert discovery to January 14, 2022, it also represented to Ripple that discovery could be completed nearly one month earlier, by December 17.

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Palak Malhotra
420 Articles
Journalism & Mass Comm. ‘21 graduate, Palak is a GenZ journalist with background in Lifestyle journalism & PR. At CoinGape, Palak is a junior crypto journalist preparing for Web 3.0

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