In the case that has been filed against the United States Security and Exchange Commission, the motion defendants Ripple Labs Inc., Christian Larsen, and Bradley Garlinghouse are demanding an extension of the motion at hand. With regards to the case, they are seeking more time to aid their response against the redactions that the Security and Exchange Commission is proposing for major documents. The team of defendants wishes to have a proper evaluation of materials so they can sufficiently assess the extent of their objection to the redactions that have been proposed.

The Extension Sought by Ripple

The motion before the court states that the Security and Exchange Commission was going to make the necessary documents available in the early days of the coming week. Whereas, both parties involved have agreed to the arrangement and were just awaiting the approval of the court. Following a proper review of the available documents, the defendants are expected to file an appropriate response before the court in the space of three days.

All parties involved in the defense agreed that they have a deadline of the 28th of March to turn in their filed response before the court. According to the defense counsel, James Filan, individual defendants have been granted their request for an extension by the court. They are all expected to file their responses using a text-only format. James Filan also stated that their filed responses are expected latest by the 8th of April 2022.

April Will Be Highly Decisive for the Case

At the initial stage, each defendant in the case at hand brought a motion before the court pleading for more time till the 8th of April 2022 to appropriately file their responses to the amended complaint of the Security and Exchange Commission. With regards to this, Filan notified that the Security and Exchange Commission’s reply on some more discoveries made is going to be due on the 15th of April and that the proposed order which is a joint one is going to be due the week after that, on the 22nd of April 2022.

It looks like the long-drawn lawsuit is going to stretch through April, accompanied by a lot of replies and probably discoveries. The Security and Exchange Commission has been responsible for prolonging the case at a point by seeking numerous extensions, while on another hand, Ripple went ahead to propose a summary judgment that should come up in the middle of May.

The market has been favorable to the XRP token in the course of the past month as it rose up to 30% as it trades at about $0.83.   

Leave a Reply

Your email address will not be published. Required fields are marked *