Ripple vs SEC: SEC Hopes to Extend the Ripple Discovery Case for 60 Days

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Ripple vs SEC: Ripple Claims the SEC Put the case on Hold After Refusal to Release Bitcoin, Ether and XRP Documents
Ripple vs SEC: Ripple Claims the SEC Put the case on Hold After Refusal to Release Bitcoin, Ether and XRP Documents

The US Securities and Exchange Commission asked federal judge Analisa Torres to postpone the Ripple discovery case for 60 days.

SEC to Expand its Knowledge from Extension 

The agency conducted testimony and interviews for two days. It claimed it would take additional time to complete the remaining eight testimonies. According to the report, the regulators also plan to revoke the order of six witnesses.

Moreover, prior to giving the above testimony, regulators need more time to obtain and review Ripple’s documents.

According to the SEC, granting a two-month extension is the “fairest and most effective way” to resolve the remaining investigative problems:

“It is neither fair nor efficient to cut off the SEC’s opportunity to fully develop the factual record in this case, involving years of conduct and billions of dollars of XRP sales, especially when the SEC has made its best efforts to meet all existing deadlines.”

Gala Games General Counsel, Jesse Hynes said on Twitter that the most likely request could mean there is no agreement yet:

“Not the kind of request someone who is settling makes.”

Ripple Seeking Documents From Foreign Exchange

Ripple CEO Brad Garlinghouse and co-founder Chris Larsen also proposed a joint motion to request 15 forex exchanges to produce documents to prove the agency failed to blame domestic XRP sales.

The June 2 motion requests documents from exchanges including iFinex, Bitforex, Bithumb, Bitlish, BitMart, AscendEX (formerly Bitmax), Bitrue Singapore, Bitstamp, Coinbene, HitBTC, Huobi Global, Korbit, OKEx, Upbit Singapore, and ZB Network Technology

The motion’s supporting memorandum notes the letters of request solicit assistance from authorities in the Cayman Islands, Hong Kong, South Korea, the United Kingdom, Singapore, Seychelles, and Malta.

Last month, the SEC also granted a motion to submit a Memorandum of Understanding (MoU) request to overseas regulators.