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No End In Sight For SEC v. Ripple As Court Postpones Discovery Date ⋆ ZyCrypto

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Following pleas by the US Securities and Exchange Commission (SEC) for an additional grace interval to full its discovery train, Judge Sarah Netburn has now granted an extension, thereby pushing the subsequent essential listening to date to the 14th of January 2022.

Judge Netburn’s grant got here because the SEC revealed that it has about 14 professional witnesses lined up for depositions, and wouldn’t find a way to meet the preliminary December tenth deadline given the assets presently at hand. Prior to the grant, Ripple had objected to the thought of an extension of discovery time, stating that such extensions have the tendency to negatively have an effect on the set down timeline for a briefing on abstract judgments.

With the grant comes one other delicate blow to Ripple Labs’ hopes of unbuckling the shackles of litigation that has, supposedly, held it again from anticipated progress all year long 2020.

To Garlinghouse, the SEC is unfair

Over the course of the continuing authorized fiasco now stretched skinny into the third yr, Ripple’s CEO, Brad Garlinghouse, has spared no horses in his fixed vilification of the SEC. In the early levels of the case, Garlinghouse had known as the lawsuit unfair and decried that XRP is being singled out as a scapegoat within the midst of different cryptocurrencies which have made related choices.

Garlinghouse continually expresses his displeasure concerning the SEC’s lack of readability and has not too long ago gone on to criticize the monetary regulatory physique for what he believes is its favoritism in the direction of Bitcoin and Ethereum. Citing vitality consumption and mining effectivity, Garlinghouse touted XRP as a greater, cleaner, and extra environment friendly digital foreign money possibility than BTC and ETH.

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Part of the resentment in the direction of BTC stems from its latest strides as the primary registered crypto-ETF within the US from the world of blockchain know-how. On the wings of this information, Bitcoin smashed its earlier $64k ATH document again in April to a brand new document at $67k. Garlinghouse believes XRP would almost certainly have its personal ETF up and operating had it not gotten entangled within the present authorized battle.

Ripple had earlier declared that it might ditch the case on one situation: that the SEC brazenly classifies XRP as a lot the identical approach it has executed for Ethereum. At the crux of the case, is the SEC which Garlinghouse believes is attempting to backtrack on its documented stance on all cryptocurrencies.

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