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Wednesday, May 25, 2022

๐ŸŽ“ An update on Ripple’s case with the Securities and Exchange Commission

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Commercial

The Securities and Exchange Commission (SEC) requested an extension of time to respond to Ripple’s latest proposal to access the plaintiff’s supplemental expert report.

The plaintiff told Justice Sarah Netburn that the defendants agreed to the request, which means the court is likely to greenlight the request.

The agency needs to reach out to provide its response to Ripple’s recent request for an additional expert report.

Other reports also said that the appeal report, which was filed by securities and finance analyst Dr. Albert Metz, addresses the “economic significance” of the company’s announcements in terms of the performance of the Ripple cryptocurrency.

However, the company argues, the Securities and Exchange Commission is not supposed to have the final say in the discovery process. Ripple claims that the supplemental report does not bring anything new to the table.

James K. Phelan, a former federal prosecutor closely following the Financial Commission and Ripple case, said it was “not strategic” for the company to oppose the extension because two more days “wouldn’t matter.”

Meanwhile, federal judge Annalisa Torres rejected the Securities and Exchange Commission’s (SEC) request to overturn the company’s “fair notice” defense.

For his part, Brad Garlinghouse, CEO of Ripple, said that it was a great victory for the defendants.

Also, Stephen Paley, a partner at the Washington, DC, law firm Anderson Keel, said it was procedurally unlikely, explaining that it was not a judgment on the merits, so it was inconclusive.

The court also rejected requests by Garlinghouse and co-founder Chris Larsen to dismiss Ripple’s case.

It should be noted that the Ripple cryptocurrency is currently trading at $0.75 on major exchanges.

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