The long-running legal battle between Ripple and the Securities and Exchange Commission of the United States has shown no signs of abating. In the meantime, the case’s settlement is being held up, which is causing investors to lose money on their XRP investments. Since the beginning of the lengthy and onerous legal battle, they have been subjected to the fury of the court system.
It appears that the litigation has taken yet another turn, and it has now become something of an exercise. As a result, the United States Securities and Exchange Commission has been granted further time by the court to contemplate a partial reconsideration of the DPP finding, despite Ripple’s opposition. XRP army members are becoming increasingly concerned about the ramifications of the extension granted, which could result in a further delay in the settlement.
A Recap Of The Events Of The Previous Week.
It had submitted a motion for an extension for partial reconsideration of the DPP judgement until February 17, 2022, in order to allow more time to evaluate it. In addition to the 20-page brief and the submission of additional documents for in-camera review in support of the request to reconsider, the motion to reconsider was granted. It is important noting that the SEC is only seeking partial review of the drafts and emails in connection with Bill Hinman’s speech dated June 14th, 2018, and not the entire speech.
The SEC had also asked an extension of time from Judge Torres in order to register objections to Judge Netburn’s decision on the DPP ruling. Attorney James K Filan had previously stated that the SEC had requested that Judge Torres delay his decision until after 21 days. Following the decision of Judge Netburn on the motion for reconsideration, The SEC must file its objections directly with Judge Torres prior to this date, which is a deadline. This sheds light on the SEC’s efforts to keep the records from being handed up to Ripple.
Is There No End in Sight for Ripple’s Struggles?
While the Ripple defendants did file an objection to the SEC’s request for an extension to file a move for reconsideration of Judge Netburn’s DPP ruling, the SEC did not file an opposition to the request. Judge Netburn has granted, in part, the SEC’s request for an extension of time in order to revisit her DPP Ruling in a Text-Only Order, which may be found here. To comply with the order, any petition for reconsideration by the SEC must be submitted by February 17, 2022, and any response by the Defendants must be submitted by February 25, 2022.
Furthermore, the decision states that no reply briefs will be permitted, and that briefs will be limited to 10 pages in length. The order confirms that the SEC may submit a total of ten more documents for in-camera examination in addition to its application before the court. The deadline for the parties to register an objection with Judge Torres is January 13, 2022, which is on the 13th of the month of January. It has been granted a stay until the outcome of the motion for reconsideration is determined.
To summarize, the extension granted to the SEC worsens the positions of XRP holders, who have already been bearing the brunt of the bear market for a long period. The SEC would receive less benefit from the extension because its viewpoint lacks a clear foundation. Furthermore, the SEC’s unreasonable attitude, as well as its protection of its employees’ personal beliefs, irritate the general public.
It is inacceptable that the SEC is attempting to dodge its fate in its legal battle against Ripple. Because it has only caused harm to innocent XRP holders, it should be banned. We can expect the settlement to be postponed until the middle of the year if the extension is granted and future developments are taken into consideration.