SEC scores a minor victory in legal dispute with Ripple Labs -

SEC scores a minor victory in legal dispute with Ripple Labs

Crypto Signals Telegram _ The U.S. Securities and Exchange Commision (SEC) has been granted an extension to submit a discovery schedule relating to individual defendants Brad Garlinghouse (CEO).

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The bitter legal dispute has been going since late December 2020, after the SEC alleged that Ripple Labs generated $1.3 billion from an unregistered security offering via its XRP token. The firm denies that XRP is a security and is instead a method for international payments, and has argued that the SEC failed to give Ripple fair notice that its token was a security.

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While the ruling in favor of the SEC in this instance marks a small win, some onlookers have suggested that the enforcement body is dragging its heels and slowing the case down to frustrate Ripple Labs.

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The latest development was highlighted by defense lawyer and former U.S. federal prosecutor James K. Filan, who cited a text only order from the Court earlier today.

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As part of the delayed schedule, the defendants now have until April 8 to submit an answer to the SEC’s complaints, while the SEC’s decision on additional discovery is due the following week on April 15.

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The XRP community reaction to the post was mixed, with some expressing anger at the SEC as “just trying to gain time in a case already lost,” while others such as Twitter user “r ColeTheMailman” suggesting that the delays could be good for XRP in the long run.

SEC scores a minor victory in legal dispute with Ripple Labs

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SEC scores a minor victory in legal dispute with Ripple Labs

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