According to the latest report, a United States Federal High Court has granted the request of the U.S. Securities and Exchange Commission (SEC) to extend the 23rd March 2022 deadline for parties to establish a discovery schedule for the individual defendants.
The new development from the court was shared on Twitter a few hours ago by James K. Filan, a defense lawyer and former federal prosecutor.
Read Also: Attorney Jeremy Hogan: Ripple Just Did the Hardest Hitting Thus Far in the Lawsuit. Details
James K. Filan tweeted, “The SEC’s request for an extension of time was GRANTED in a Text Only Order. It stated: “The SEC shall inform the Court of its position on whether any additional discovery is required within a week of the filing of the Individual Defendants answers.
“The parties are directed to meet and confer as to a briefing schedule for summary judgment motions. The parties shall submit a joint proposed schedule for the Court’s approval no later than one week after the SEC’s submission.”
answers. The parties are directed to meet and confer as to a briefing schedule for summary judgment motions. The parties shall submit a joint proposed schedule for the Court's approval no later than one week after the SEC's submission.
— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) March 23, 2022
What to Expect after the Recent Court’s Decision
In the report, Attorney James K. Filan further stated that the individual defendants (Brad Garlinghouse and Chris Larsen) are expected to submit the answer to SEC’s complaints on 8th April 2022. On the other hand, the SEC‘s position on whether there is a need for any additional discovery is expected on 15th April 2022.
Likewise, the submission of the Joint Proposed Scheduling Order as authorized by the court is expected on 22nd April 2022:
“So it appears that the Individual Defendants’ Answer is due April 8, 2022. The SEC’s position on additional discovery is due on April 15, 2022, and the Joint Proposed Scheduling Order is due April 22, 2022.
“The filing of the Individual Defendants’ Answer is the triggering event. When the Answer is filed, even if before April 8th, the date the Answer is filed starts the two week clock running for the filing of the SEC position on discovery and the Joint Proposed Scheduling Order.”
Read Also: Ripple-SEC Case: Two Legal Memos Unsealed Show That XRP Does Not Constitute a Security
Ripple Remains Unfazed Despite Delay Tactics
Despite the delay tactics deployed by the SEC on several occasions since the lawsuit started, Ripple, the US-based cross-border payment firm, has remained unfazed.
Many people who have been observing the case are of the opinion that the SEC lacks evidence to nail the defendants. So, it’s using the delay tactics to buy more time and frustrate them.
However, regardless of the duration of the lawsuit, it is expected to end in favor of Ripple and XRP, considering loads of evidence already presented in the court.
Follow us on Twitter, Facebook, Telegram, and Google News
