Court approves SEC’s request for extension despite Ripple’s protests
Magistrate Judge Sarah Netburn has granted the US Securities and Exchange Commission’s request for an extension of time in the Ripple case.
As U.Today reports, the plaintiffs filed motion on March 21 to determine whether additional searches were necessary.
Ripple CEO Brad Garlinghouse and co-founder Chris Larson, two individual defendants, voiced their opposition to the above proposal in their letter to the court, accusing the SEC of trying to slow down the litigation process.
As U.Today reports, Ripple’s General Counsel Stuart Alderotti urged the agency to publicly commit to moving the case forward without delay.
As former federal prosecutor James K. Filan noted, the individual defendants are to file their responses on April 8. The SEC must notify the judge of its position as to whether the regulator needs to conduct additional searches into Ripple. case within a week of that filing.Earlier this month, the court rejected the SEC’s motion to attack Ripple’s main defense, a development that has sparked more optimism among individual defendants. Garlinghouse recently said he was “delighted” with how the case turned out, despite the fact that he and Chris Larson failed to dismiss the lawsuit.
Ripple was sued by the SEC in December 2020. After months of going back and forth, the parties are now drawing closer to a resolution of the case, while they continue to battle for access to the agency’s internal documents.