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Ripple Accuses SEC of Delay Tactics; Expert Discovery Deadline Extended

Ripple

The legal battle between Ripple and the SEC continues to unfold, with both sides making strategic moves and accusations. This article dives into the latest developments, offering a clear and concise overview of the key events and potential implications for the future of XRP and the broader cryptocurrency market.

Alderoty Accuses SEC of Delay Tactics

Stuart Alderoty, Ripple’s General Counsel, recently took to Twitter to publicly criticize the SEC, accusing the agency of employing delaying tactics in the ongoing lawsuit. He urged the SEC to expedite the proceedings and bring the case forward “as soon as practicable.” This accusation highlights the increasing frustration from Ripple’s side regarding the protracted legal process.

Gensler’s Football Metaphor and the Unequal Playing Field

SEC Chair Gary Gensler recently used a football metaphor to emphasize the importance of rule enforcement. He argued that allowing teams to break rules without consequences would create an unfair game. Alderoty countered this by criticizing the SEC’s approach of “regulation by enforcement,” arguing that it creates an uneven playing field where the SEC picks winners and losers retroactively.

Garlinghouse Criticizes Former SEC Chair Clayton

Ripple CEO Brad Garlinghouse has also voiced his criticism of former SEC Chairman Jay Clayton, particularly regarding Clayton’s perceived pro-cryptocurrency stance after initiating the lawsuit against Ripple. This adds another layer to the complex narrative surrounding the SEC’s approach to regulating the cryptocurrency industry.

Expert Discovery Deadline Postponed

Ripple and the SEC jointly requested a postponement of the expert discovery deadline until February 28th, citing increasing pandemic conditions. Judge Sarah Netburn is expected to grant this motion. The postponement is primarily due to travel issues and “unexpected personal matters” affecting eight expert witnesses. Here’s a breakdown of the key details:

  • Original Deadline: January 19th
  • New Deadline (Proposed): February 28th
  • Reason for Postponement: Pandemic conditions, travel issues, and personal matters
  • Impact on Other Deadlines: None expected

Ripple’s Legal Team Sees Silver Lining

According to Fox Business reporter Charles Gasparino, Ripple’s legal team views the postponement as a positive development, as it allows for extended deposition times for witnesses (seven hours each). This additional time could prove valuable in gathering crucial information and building their defense.

Anticipating a Court Verdict on SEC Documents

Ripple is also awaiting a court ruling on its request to access internal SEC documents. These documents could potentially shed light on the SEC’s decision-making process and explain why Ethereum received a more favorable treatment compared to XRP. The outcome of this request could significantly impact the trajectory of the lawsuit.

Related Posts – Ex-SEC Chair, Jay Clayton Believes Cryptocurrency Industry Is For Long Haul

In Conclusion

The Ripple-SEC lawsuit remains a pivotal event in the cryptocurrency space. The accusations of delay tactics, the debate over regulatory approaches, and the ongoing discovery process all contribute to a complex and high-stakes legal battle. As the case progresses, the outcome will likely have significant implications for the future of XRP and the broader regulatory landscape of the cryptocurrency industry. Stay tuned for further updates as this story develops.

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