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SEC vs Ripple: Partial victory to the SEC as Judge grants more time to file motion



Image: Pixabay

Back on 21 January, the plaintiff SEC in the Ripple lawsuit had filed two motions. The first motion was addressed to Judge Netburn to extend the regulator’s motion filing date to 17 February from 27 January 2022. And, the second motion was addressed to Judge Torres.

Now, in a text only order, Judge Netburn has granted the SEC’s request for extension of time in part, revealed Attorney James K. Filan.

As noted earlier, the extension has to do with the reconsideration of Judge Netburn’s DPP Ruling. For which the Defendants (Ripple Labs and its top executives) could file their response by 25 February, 2022. The order also states,

“The deadline for either party to file an objection to District Judge Torres from the Court’s January 13, 2022 Opinion & Order is stayed until 14 days from a decision on the motion for reconsideration.”

However, since Ripple was already opposing the extension request, Filan noted that the defendants have filed an official objection to that with Judge Netburn. The letter noted,

“The SEC’s attempt to inject delay and re-argue its position based on additional materials and new arguments is improper.”

Further adding that the regulator had ‘plenty of time and opportunity to put its arguments and documents before the Court. Also Insinuating that no new evidence could be intervening in the case.

“Nothing the SEC proposes to submit now is new or intervening. Nor does the SEC seem to assert that the Court overlooked important ‘matters or controlling decisions’ ‘that might reasonably be expected to alter the conclusion reached by the court.”

With that being said, John Deaton, the lawyer who represented XRP holders in the lawsuit, took to Twitter to opine,

“Without question, today’s decision will cause more delay. “

He also questioned if the SEC will agree to turn over the Hinman emails with the draft speech if both Judge Netburn and Judge Torres rule for the handover to Ripple. Or, he said,

“Will the SEC attempt to file an interlocutory appeal to the 2nd Circuit Court of Appeals?”

Just to reiterate Hinman’s speech draft in question is considered crucial to the case as it included the director’s views of Ether not being a security.

Also Read: Ripple vs SEC: Here’s why SEC requested an extension & reconsideration of DPP

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Shraddha is a full-time journalist at AMBCrypto. She has a keen interest in personal finance and wealth generation. Her primary focus is on the cryptocurrency space's applications for investment vehicles and portfolios

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