Court grants SEC’s discovery request on Ripple for two month
Currently, lawsuit documents in the Ripple VS Securities Exchange and Commission (SEC) show that the SEC authority is getting a better stand against Ripple.
In the legal battle between Ripple Vs US regulators, we can see how both parties are giving their solid points and how both of the parties are winning hearings against each other.
In the recent documents, a clear decision is going in favour of the Securities Exchange and Commission (SEC). The SEC authorities asked for additional time so that SEC can do more investigation & research on Ripple’s operations.
Legal documents showed that the Judge court granted the request of the SEC and gave an additional two months for the discovery in the Ripple operations.
“Rather, the additional time sought by the SEC will allow both sides to complete the outstanding fact discovery and properly prepare for expert depositions”, the document read.
Here, if you are a Ripple supporter then don’t think that it is totally in favour of the SEC because the document clearly says that the extended period is not only for SEC but also for the Ripple firm.
In this discovery phase period, both parties have the authority to present relevant evidence & information related to the case.
Why does the SEC need More time?
The US regulators claimed that they needed more time to prepare some necessary documents and present 14 witnesses regarding the case.
“..sufficient time to prepare rebuttal reports and depose a minimum of 14 expert witnesses.”
However, US regulatory authority confirmed that extension in the discovery time frame will not cause any type of delay or extension of the case timeline.
Statements & claims by the SEC authority indicate that they are ready to beat the Ripple firm against their unfair operations within the first quarter of 2022. But here we can hope that the Ripple firm will represent Its strong point also to prove that all operations are fair.
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