By
Tolu Ajiboye
April 24th, 2024
The individual defendants from Ripple argue that the SEC has prolonged the case long enough to request additional time.
Ripple and the US SEC continue to push and pull in court over the ongoing lawsuit. According to the recent revelation, Ripple argues that the court should deny the SEC’s most recent request for extension of time. The argument comes from Ripple CEO Brad Garlinghouse and co-founder Chris Larsen via a letter to Magistrate Judge Sarah Netburn.
The individual defendants from Ripple argue that the SEC has prolonged the case long enough to request additional time.
Notably, the SEC filed a motion to request a time extension on March 21. The motion requested that the court should allow a “brief extension” to inform the court about its intentions regarding conducting any additional discovery.
“Although the SEC does not anticipate any additional liability-related discovery, the SEC is unable to commit to a position until after it has had an opportunity to review the individual defendants’ answers, including any affirmative defenses that they may assert and facts they plead in support,” the court filing reads.
While Ripple wants a proposed summary judgment to be finalized by May, SEC argues it is premature.
“The SEC believes that such a briefing schedule is premature, given that the Individual Defendants have yet to answer the complaint and plead affirmative defenses, and respectfully requests that the court direct the parties to meet and confer regarding a summary judgment schedule once the SEC has advised the court of its position on the need for additional discovery,” SEC noted.
Effects of Ripple and SEC Lawsuit on XRP Price Action
The effects of the ongoing Ripple-SEC lawsuit on XRP are perhaps not quantifiable, due to other fundamental factors. Moreover, XRP is traded all over the world where the SEC’s jurisdictions do not apply. The case has been going on for over a year, but was anticipated way before the official dates.
Of note, XRP price dropped the first day SEC filed the lawsuit and several crypto exchanges delisted the asset. Since then, the crypto asset has not had notable gains as with other digital assets. Nevertheless, it has not been dethroned from the top ten, but it has been ousted from the top five by market capitalization.
Indeed, the ongoing lawsuit is a major setback for XRP since time is its biggest enemy. Notably, while other projects are progressing with development, XRP is fighting for survival.
According to market analytics provided by CoinGecko, XRP traded around $0.849062, up 4 percent today. The crypto asset has a market capitalization of approximately $40.8 billion.
Notably, XRP is up approximately 64 percent and 9.7 percent in the past year and seven days respectively through.