Ripple CEO Brad Garlinghouse and co-founder Chris Larsen argue in a letter to Magistrate Judge Sarah Netburn that the court must deny the US Securities and Exchange Commission’s most recent request for yet another extension of time.
The SEC filed a motion on March 21 asking for a “short extension”
So, that it could advise the court of its plans to conduct any additional discovery.
After the court rules on summary judgment applications, the individual defendants wish to conduct remedies-related discovery. The scope of the discovery they want to conduct is unclear.
So, which is why the SEC needs more time to decide whether it is necessary.
Individual defendants, on the other hand, believe that the SEC has “delayed the case long enough,” and that extra discovery is unnecessary. They go on to say that “nothing” should stop Ripple from pursuing summary judgment.
After the court refused the SEC’s move to strike Ripple’s fair notice defense, Garlinghouse expressed optimism about the outcome of the highly watched legal struggle.
The defendants want to move the case forward so they can show that XRP is not an unregistered security.
Individual defendants’ petitions to dismiss the SEC complaint were likewise dismissed by the court. The SEC responded by claiming that the judgment rendered its internal materials, including the Hinman emails, useless.
The defendants, on the other hand, maintain that the agency is incorrect in making such a claim. Then, saying that the order does not negate the importance of the aforementioned papers.