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Ripple Opposed The SEC’s Request For Extension Of Discovery Deadline

Ripple opposed the SEC’s request for extension of the discovery deadline and filed its opposition for a 60-day prolongation as we can see more in our latest Ripple news.

Ripple Labs’ legal representative James K. Filan, said on Twitter that the company filed an opposition to the US Securities and Exchange Commission request for a two-month discovery deadline extension. In the lawsuit against Ripple, the SEC requested to prolong the discovery phase that will delay the legal process and jeopardizes the company’s ability to continue operating in the US. The US SEC Filed an official request with Judge Analisa Torres for a fact and expert discovery deadline extension of 60 days.

#XRPCommunity #SEC_NEWS v. #Ripple #XRP Ripple files it's opposition to the SEC's request for a 60 day extension of the discovery deadline.//t.co/rh761CqkNU

— James K. Filan (@FilanLaw) June 8, 2021

Ripple opposed the SEC’s request and six days later, the defense filed an objection to the discovery deadline extension request arguing that the extension of the discovery schedule will cause major prejudice to Ripple while adding that the SEC has not met its burden of showing that there’s good cause to extend the schedule. Ripple’s lawyers also pointed out to the SEC misstates the reasons for the opposition to the extending discovery while defending the opinion that the enforcement action was filed before the investigation was even completed.

The SEC’s two-and-a-half-long investigation that came before the lawsuit against Ripple gave the regulators a head start in the case but the defense said that this is not a good reason for an objection to the deadline extension request. The defense admitted that the company’s wishes to go ahead for summary judgment as soon as possible are clear because the litigation poses a threat to Ripple’s ability to continue operating in the US but also said that this is not an arbitrary preference for speed.

SEC Releases Compliance, exchange, commission, crypto, regulation

The deadlines were set on July 2 for a fact discovery as well as for August 16 for expert discovery. In the request for the deadline extension, the SEC claimed that it needs more time to complete the deposing witness by saying that the request to depose six additional witnesses and compel Ripple to produce more documents is pending before Judge Netburn. Ripple’s defense argued that this is not the good reason that it needed to change the discovery schedule pointing out a delay that can present a threat to Ripple’s business in the US.

Source: Ripple Opposed The SEC’s Request For Extension Of Discovery Deadline

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