SEC wants to gain more time in Ripple case
The SEC has requested an extension of time to respond to Ripple’s latest motion seeking to quash the plaintiff’s additional expert report.
The US Securities and Exchange Commission has filed a motion to extend the term.
The plaintiff has told Magistrate Judge Sarah Netburn that the defendants have agreed to the request, meaning the motion will most likely be approved by the court.
The agency needs the extension to respond to Ripple’s recently filed motion to prepare an additional expert report.
As reported by U.Today, the rebuttal report, which securities and financial analyst Dr. Albert Metz, the “economic significance” of Ripple’s announcements in terms of the performance of the XRP cryptocurrency. However, the defendants argue that the SEC is not supposed to have the final say in the discovery process. Ripple claims that the supplemental report brings nothing new to the table.
James K. Filan, a former federal prosecutor who handled the Ripple vs. SEC follows closely, alleging that it does not make “strategically sensible” for the defendants to object to the extension, as two extra days would be “insignificant”.
In the meantime, as reported by U.Today, Federal Judge Analisa Torres denied the SEC’s request to suspend the defendant’s defense. Ripple CEO Brad Garlinghouse claimed it was a huge win for the defendants. But Stephen Palley, a partner in the Washington, DC office of the law firm Anderson Kill, said that it was procedurally improbable. He argues that it was not a judgment on the merits, and therefore was not decisive.
The court also rejected requests from Garlinghouse and co-founder Chris Larsen to dismiss the Ripple case.
The XRP cryptocurrency is currently trading at $0.75 on major spot exchanges.