The United States Securities and Exchange Commission (SEC) has applied for an extension in the Ripple lawsuit. According to documents released by defense attorney and former federal prosecutor James K. Filan, the SEC is asking the Court to extend the discovery process, which ends March 23.
This means another delay for RippleNet integration with ODL in the United States market. Also, On Demand Liquidity (ODL) to facilitate cross-border payments XRPit needs .
As a result, XRP price continues to be suppressed in price by litigation. However, short-term volatility has supported XRP investors. XRP is currently trading at $0.82, up 8.68 percent compared to last week.
More details on the SEC’s move against Ripple
The SEC’s motion against Ripple was presented to Magistrate Sarah Netburn of the Southern District of New York. Under the motion, the SEC asked the court to allow a short extension. However, the request is subject to some conditions. These include the extension, which will take place no later than one week after the individual defendants have submitted their answers. The SEC noted:
“According to the Court’s Decision of 14 March 2022 (DKT 444), the parties met on 17 March 2022 to discuss whether additional exploration was required. During the meeting, the Individual Defendants’ counsel informed that they have not decided to explore under the relevant obligations at this time, but wish to reserve their ability to explore under the relevant remedy until summary proceedings are decided.”
However, the SEC argued that it was premature to accept a discovery program under the remedy until it had the response from individual defendants. Thus, it created an argument that could eventually see XRP’s final decision delayed.
In addition, Ripple executives also rejected the request and wrote a petition of appeal to judge Sarah Netburn. In the letter written by Garlinghouse and Larsen’s lawyers, it was stated that the SEC had extended the case long enough.