Many people who have been observing the ongoing lawsuit between Ripple, the San Francisco-based cross-border payments firm, and the United States Securities and Exchange Commission (SEC), have accused the latter of deploying delay tactics to buy more time.
According to the recent update from James K. Filan, a defense lawyer and former federal prosecutor, the SEC has recently filed another request for an extension of time. The regulator is asking the court to extend the 23rd March deadline for the parties to propose a discovery schedule for the individual defendants.
Read Also: Legal Expert Explains How the SEC Has Been Abusing Howey Test in Its Case against Ripple and XRP
James K. Filan tweeted, “BREAKING: The SEC has filed yet another request for an extension of time, asking the Court to extend the March 23, 2022 deadline for the parties to propose a discovery schedule for the Individual Defendants until one week after the Individual Defendants file their answer to the SEC’s complaint. The Individual Defendants object and will file a written objection today.”
until one week after the Individual Defendants file their answer to the SEC's complaint. The Individual Defendants object and will file a written objection today.
— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) March 21, 2022
Would the Lawsuit Not Extend Beyond 2022?
Developments in recent weeks make many think the case could end soon. But with all these delay tactics being deployed by the SEC, observers are beginning to doubt the possibility of ending the legal tussle this year.
About a week ago, Judge Analisa Torres denied the SEC’s motion to stop Ripple from using the Fair Notice Defense, which is seen as a big win for the blockchain payment firm.
Following the denial, the cross-border payment firm will have to prove to the Judge that the SEC failed to provide a prior notice about the existing United States Securities Law it was breaching since it started offering the digital token XRP.
Read Also: Ripple Giving 1 Billion XRP to Developers to Accelerate Creation of New Use Cases on the XRP Ledger
Lots of other actions will still initiate more arguments, which would result in the filing of a series of motions and responses. And the court will be expected to respond and rule on each motion between weeks and months.
All these, including the SEC’s delay tactics, make it seems unlikely to end the lawsuit this year. However, regardless of the duration of the case, it is expected to end in favor of Ripple and XRP, considering loads of evidence already presented before the Judge.
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