U.S Securities and Exchange Commission (SEC) vs Ripple lawsuit has been dragging for a long period. This time, Individual Defendants, Ripple’s Brad Garlinghouse (CEO) and Chris Larsen (co-founder) have filed a motion in the court seeking extension until April 8. As per the notice, they need additional time to file their answers to the SEC’s First Amended Complaint.
Ripple files for an extension
Usually, SEC always needed extra time to file an answer or to respond to any question raised. Surprisingly, this is the first time Individual Defendants have requested an extension in this case.
According to attorney James K. Filan, the Individual Defendants and SEC have discussed an April 8th deadline for filing the answers and the commission has also noted that in its motion. However, delays can never prevent the filing of the reply sooner.
Judge Netburn upheld SEC’s request
The case is getting longer yet more intriguing as one time it looked like Ripple had the upper hand but Judge Sarah Netburn’s recent order has given some life to the SEC.
In a text-only order, Judge Netburn granted the agency’s extension request. However, Brad Garlinghouse had argued over the SEC’s request in court but seems like his defense didn’t help.
The order stated that ‘the SEC shall inform the Court of its position on whether any additional discovery is required within a week of the filing of the Individual Defendants answers.’
Attorney Filan marks the filing of the Individual Defendants’ Answer as a triggering event. As soon as the reply is submitted, a two-week countdown will begin for the SEC to file its position on discovery and the Joint Proposed Scheduling Order.
XRP token has reacted with every decision coming out from the proceeding of the case. After these updates coin hasn’t retaliated much. The coin is trading at an average price of $0.83, at the press time. XRP has seen a marginal surge of 1% in the last 24 hours. As per CoinMarketCap, it is still the sixth-largest cryptocurrency with a market capitalization of over $40 billion.
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Source: https://coingape.com/xrp-vs-sec-ripple-executives-motion-to-extension/