The Securities and Exchange Commission’s [SEC] retaliation against XRP has resulted in a lawsuit that has been ongoing for more than a year. The litigation is still ongoing since neither party has agreed to settle. Ripple has been on high alert, emphasizing that XRP is not a security. The SEC, on the other hand, has been attempting to gather as much evidence as possible to prove that the cryptocurrency is a security. As the fight continues, Ripple may gain the upper hand due to the SEC’s unrealistic demands.
Throughout the case, the SEC time and again sought extensions and prolonged the case. The SEC, riding the same wave, requested a “brief extension” once more. The SEC filed a motion only yesterday, with the deadline set for March 23 requesting more discovery. The magnitude of the discovery is under wraps for the time being.
Ripple, however, was against this extension and filed an objection. Ripple’s objection entails an array of things but the firm pointed out that the SEC had delayed the case “long enough.”
The motion read further read,
“The parties have also discussed a proposed schedule for the filing of summary judgment briefs and Daubert motions with opening briefs due as early as May 22. The SEC has refused to commit to any schedule until after it reviews the Individual Defendants’ answers. But even if the SEC were permitted to take discovery of the Individual Defendants, and the Individual Defendants were to reciprocate, discovery has closed with respect to Ripple.’ Nothing should further delay Ripple from moving for summary judgment and demonstrating to the Court that XRP is not a security.”
Does Ripple have the upper hand now?
The question of whether XRP is security became the focus of 2021. Crypto exchanges began dumping Ripple as the cryptocurrency put up a vigorous battle against the regulator. The SEC brought in the major guns when the judge denied the idea of dismissing the complaint.
From call records to emails, the SEC wanted in on everything. The SEC was not only called out by the court but even the community indicated that the regulator was seeking irrelevant information. The community even speculated that the reason for the new extension may be related to Ripple’s increasing strength in the lawsuit.
As this lawsuit persists, XRP witnessed a bump of 4.35 percent over the last 24-hours. During press time the asset was trading for $0.8476.