SEC Requests Yet Another Extension to a Deadline, Further Inflicting Pain on Ripple (XRP) Investors

SEC Requests Yet Another Extension to a Deadline.

The Securities and Exchange Commission (SEC) v. Ripple lawsuit has lingered for more than a year since the former first charged the blockchain company in December 2020. 

The delay has been considered a thorn in the flesh of investors who have seen the value of their XRP holdings suffer huge losses, as they continue to expect a possible outcome to the lawsuit soon. 

As reported, the constant delay that has been experienced over the course of the lawsuit is mostly attributed to the SEC, due to its request to have court deadlines extended. 

Not Changing Anytime Soon

Several crypto and legal experts have aired their frustration about the sad developments, and many expect the SEC to turn a new leaf and stop the act of using delay tactics that have continued to be at the detriment of investors. 

However, the securities agency does not seem to care about the investors it claims to be protected as it, once again, filed a motion requesting an extension. 

This time, the SEC requests that the court extend the March 23, 2022 deadline for parties to propose a discovery schedule for the individual defendants, Brad Garlinghouse and Chris Larsen. 

According to the motion, the SEC seeks a one-week extension to the deadline after the individual defendants filed their answers to their previous complaints. 

Interestingly, individual defendants will not tolerate any further delay as they are determined to see an immediate end to the case. 

In another development, the SEC is also complaining that Ripple’s suggestion to have the initial summary judgment filed in mid-May is too sudden for them. 

“Defendants also proposed a summary judgment schedule with opening briefs and related filings due in mid-May. The Individual Defendants also indicated that they will proceed with the briefing despite the pending-discovery-related motions. The SEC believes that such a briefing schedule is premature,” excerpts of the SEC’s recent motion read. 

Recall that the SEC had requested a two-day extension to file a response to Ripple’s request to strike out Dr. Albert Metz’s supplemental expert rebuttal report.