Ripple vs SEC: Judge Approves the 60 Days Extension of Discovery Case

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Ripple vs SEC: Judge Approves the 60 Days Extension of Discovery Case
Ripple vs SEC: Judge Approves the 60 Days Extension of Discovery Case

The US Securities and Exchange Commission has requested an extension of the investigation period for the Ripple case by 60 days, which was approved by District Judge Sarah Netburn.

Ripple vs SEC Discovery Case Extended to August 31st

The deadline for the discovery has now been extended to August 31. The expert discovery lasts until October 15th

In a previous report, the US Securities and Exchange Commission asked the judge earlier this month to clarify the remaining results “fair and efficient.”

The motion was firmly denied by Ripple, saying that delaying the process would pose an “existential threat” to its business in the United States, in particular, the company mentioned that its cross-border payment product, On-Demand Liquidity, might not work due to the stock market’s removal of XRP or Suspension of Transactions, valid in the United States:

“Crucially, for ODL to work efficiently, there must be a liquid market for XRP in both the sending and receiving countries. But the pendency of this lawsuit has significantly hurt the markets for XRP in the United States and abroad.”

Ripple also argued that the SEC couldn’t justify extending the discovery.

Court Grant Ripple Request to Get Documents from Foreign Exchanges

In addition, the court also granted the defendant’s request for international exposure.

Ripple is seeking documents from a number of international exchanges, including Bitstamp and OKEx, to prove that their alleged illegal sales took place outside of the United States:

“The SEC’s failure to allege domestic offers and sales should be fatal to its claims.”