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No Settlement? SEC Wants to Extend Discovery in Ripple Case

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Thu, 06/03/2021 - 05:13
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Alex Dovbnya
The SEC is seeking to extend the pre-trial discovery phase by two months, signaling that there are no settlements prospects as of now
No Settlement? SEC Wants to Extend Discovery in Ripple Case
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The U.S. Securities and Exchange Commission is asking Federal Judge Analisa Torres for a 60-day discovery extension in the Ripple case.   

The agency has already conducted two day-long depositions and witness interviews. It claims that it needs additional time for eight remaining depositions. As reported by U.Today, is also seeking an order to depose six more witnesses.  

In addition, the regulatory watchdog needs more time to obtain and review Ripple’s document before the aforementioned depositions take place.  

In the SEC’s view, granting the two-month extension is “the most fair and efficient way” to address the remaining discovery issues:

It is neither fair nor efficient to cut off the SEC’s opportunity to fully develop the factual record in this case, involving years of conduct and billions of dollars of XRP sales, especially when the SEC has made its best efforts to meet all existing deadlines.   

Jesse Hynes, general counsel at Gala Games, has tweeted that the most request likely meant that no settlement is on the table as of now:       

Not the kind of request someone who is settling makes.

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Ripple is seeking documents from foreign exchanges

Ripple CEO Brad Garlinghouse and co-founder Chris Larsen also have also filed a joint motion, seeking documents from 15 foreign exchanges to prove the agency’s failure to allege domestic XRP sales.

Last month, the SEC was also granted its motion to send Memorandum of Understanding (MoU) requests to foreign regulators.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.