The ongoing litigation between Ripple and the SEC will be pushed back a month due to the increasing Omicron variant of the coronavirus in the US. This was revealed in a tweet from Eleanor Terrett, a journalist at Fox Business.
Eleanor said, “The expert discovery deadline in his case between Ripple and the SEC will be pushed back by a month due to the rapid spread of the Omicron variant. A source close to the case wrote a letter to @FoxBusiness outlining this new move, stating that it will appear in court early tomorrow.
SCOOP: The expert discovery deadline in the Ripple vs. SEC case will be pushed back a month due to the rapid spread of the Omicron variant. A source close to the case tells @FoxBusiness a letter outlining this new motion will be filed in court as early as tomorrow. #XRP
— Eleanor Terrett (@EleanorTerrett) January 12, 2022
SEC and Ripple Case
Before going into details, Ripple and SEC It is very important that you know exactly what the situation is between them. The SEC filed a lawsuit against Ripple Labs and its two executives on December 22, 2020. The SEC alleges that Tipple has traded $1.3 billion in cryptocurrency XRPs as securities without registering them with the SEC. Ripple and other parties have since contested the indictment, claiming it was biased in the SEC’s assessment.
Most of the companies that inflicted the wrath of the SEC generally bowed to the demands and went to a compromise. However, Ripple He doesn’t give a damn about the matter and is determined to take the case to its logical conclusion.
Ripple’s accusations
Ripple accuses the SEC of being biased and applies the definition of “security” to virtual currencies. If this proves to be true, it would undermine the authority of the commission, let alone the credibility of their cases.
Under SEC regulations, securities must be recorded with commission and certain financial statements must be made public. The goal is to eliminate fraud and protect investors’ shares.