Ripple Vs SEC: Will The Settlement Now Postpone To Mid-Year?

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The global crypto market’s renowned legal tussle between Ripple and the U.S SEC has been seeing no end. The delay in the settlement of the case has been burning a hole in the pockets of XRP investors. They have been facing the wrath of the ongoing onerous legal battle for longtime

The lawsuit has come across yet another twist, which has now become a drill. Consecutively, the U.S SEC has earned time from the court for partial reconsideration of the DPP ruling, despite Ripple’s objection. In succession, the XRP army is fretting over the implications of the extension granted, which would further delay the settlement. 

A Bridge Course Of Past Week’s Events

The SEC had filed a motion requesting an extension for partial reconsideration of the DPP ruling until February 17, 2022. Alongside the 20-page brief and the submission of more documents for in-camera review in support of the motion to reconsider. It is noteworthy that, the SEC seeks partial reconsideration of only relating to drafts and emails in connection with Bill Hinman’s speech from June 14th, 2018. 

The SEC had also requested for an extension of time from Judge Torres to file objections to DPP Ruling by Judge Netburn. Attorney James K Filan had highlighted that In brief SEC has been asking Judge Torres to wait until 21 days. Post-Judge Netburn’s ruling on the motion for reconsideration. Before which the SEC must file its objections directly with Judge Torres. Which sheds light on the SEC trying not to hand over the documents to Ripple.

No End To Ripple’s Hardships?

While Ripple defendants did file an objection to the SEC’s request for an extension to file a motion for reconsideration of Judge Netburn’s DPP ruling. In a Text Only Order, Judge Netburn has granted, in part, the SEC’s request for extension of time in reconsideration of her DPP Ruling. According to the order, the SEC may file any motion for reconsideration by February 17, 2022, and the Defendants may file their response by February 25, 2022.

In addition, the order cites that no reply briefs are permitted, while briefs shall be limited to 10 pages. The order affirms that the SEC may submit 10 additional documents for in-camera review, along with its motion. The deadline for the parties to file an objection to Judge Torres is from the 13th of January 13, 2022. Has a stay until a fortnight from a decision on the motion for reconsideration.

Summing up, the extension provided to the SEC further deteriorates the positions of XRP holders, who has been taking the brunt for a long time already The extension would be of less value to the SEC, as its stance holds no firm base. In addition, SEC holding an irrational stance and protecting its employee’s personal views irks the masses. 

The SEC trying to avoid its fate in its legal brawl against Ripple is not acceptable. As it has been only doing harm to the innocent XRP holders. Considering an extension, and factoring in the future events, we can expect the settlement to be delayed until mid of year.