SEC wants to gain more time in Ripple case

The U.S. Securities and Exchange Commission has filed a motion for an extension of time.

The plaintiff has told Magistrate Judge Sarah Netburn that the defendants have agreed to the motion, which means the court will most likely give the motion the green light.

The Authority needs the extension of time to file its response to Ripple’s recent motion to strike a supplemental expert report.

As U.Today reports, the counter-report, which comes from securities and financial analyst Dr. Albert Metz, addresses the “economic significance” of Ripple’s announcements regarding the development of the cryptocurrency XRP. However, the defendants argue that SEC should not have the final say in the discovery process. Ripple claims that the supplemental report does not bring any new findings.

James K. Filan, a former federal prosecutor closely following the Ripple v. SEC case, contends that it makes no “strategic sense” for defendants to object to the extension because two additional days would be “insignificant.”

Meanwhile, as reported by U.Today, Federal Judge Analisa Torres denied SEC ‘s motion to strike the defendants’ “fair notice” defense. Ripple CEO Brad Garlinghouse said this was a big win for the defendants. However, Stephen Palley, a partner in the Washington, D.C., office of the law firm Anderson Kill, believes it is unlikely that this will be procedurally possible. He argues that it was not a decision on the merits, which is why it is not decisive.

The court also denied motions by Garlinghouse and co-founder Chris Larsen to dismiss the lawsuit against Ripple.

The cryptocurrency XRP is currently trading at $0.75 on major spot exchanges.

Source: U.Today

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