The latest update in the Ripple lawsuit is not one with good news for XRP investors. The court granted the SEC’s request to extend the deadline by 2 months.
JUST ADDED to our Document Library:
✅Order Extending Expert Discovery to January 14, 2022 (Text-Only Order). (1/5)https://t.co/P16CwGWGJO— CryptoLaw (@CryptoLawUS) October 20, 2021
Ripple lawsuit extended by 2 months
The court noted that both sides agreed that at least 14 experts will have to be heard. However, Ripple argued that this could reasonably be done within 18 business days, given the resources available to the SEC. Furthermore, Ripple and XRP told investors that any further delay in resolving this lawsuit will seriously damage the interests of both.
Nevertheless, the court granted the extension, explaining that additional time would benefit both parties to complete the ongoing fact-finding investigation and thoroughly prepare for upcoming expert statements.
“While the Court recognizes that both parties have committed significant resources to prosecuting this case, the additional time requested by the SEC will not affect its schedule to resolve this matter. Rather, the additional time the SEC is seeking will allow both parties to complete the remarkable discovery of facts and properly prepare for expert statements. Accordingly, the SEC’s request is AWARDED,” the court said.
Ripple and XRP investors are being unduly disadvantaged
Earlier this week, Ripple argued that the postponement will continue to “freeze” XRP markets in the United States, putting Ripple at a undue disadvantage. The defendants alleged that almost every crypto exchange in the United States has banned trading in XRP tokens. That severely damaged the token and also harmed Ripple’s operations.
It is also extremely annoying for XRP investors because their money remains frozen because of the ongoing lawsuit. Many XRP investors in America cannot trade, sell, transfer or convert their XRP.