SEC secures 60-day extension in Ripple case

The court granted the SEC’s motion to extend the discovery deadline by 60 days in the Ripple case. This was reported by attorney James Filan.

#xrpcommmunity #SEC_NEWS v. #Ripple #XRP BREAKING. THE SEC’s REQUEST TO EXTEND DISCOVERY DEADLINE IS GRANTED. pic.twitter.com/DipS32P473

— James K. Filan (@FilanLaw) June 14, 2021

The proceedings were moved from August 31 to October 15, 2021.

Lawyer Jeremy Hogan noted that the litigation could ultimately conclude only by early 2022.

The Judge grants SEC’s motion for 60 more days to conduct discovery. Not unexpected, but this will push the entire case back 60 days. That would mean (quick calculations) Summary Judgment sometime in December/January. Absent a settlement, this case is going to end in early 2022! https://t.co/jnedZvNGqG

— Jeremy Hogan (@attorneyjeremy1) June 14, 2021

In December 2020, the SEC accused Ripple and its executives of unregistered sale of securities disguised as XRP tokens worth $1.3 billion. Later the regulator amended the complaint, focusing on the actions of Brad Garlinghouse and Chris Larsen.

In April 2021, U.S. District Judge Sarah Netburn granted the company’s motion for access to SEC documents revealing its ‘interpretation and views’ on Bitcoin and Ethereum.

The court also denied the agency access to Ripple’s legal advisory records regarding XRP’s status, but allowed requests for information about the company within a memorandum of understanding with foreign regulators.

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