The Expert Discovery Deadline In The Ripple vs SEC Case Will Be Pushed Back A Month.
The Ripple vs. SEC case has been put back a month owing to the outbreak of the Omicron variant of the Corona virus in the United States.
The Ripple vs. SEC lawsuit has been put back a month owing to the Omicron variant of the Corona virus spreading in the United States. This was disclosed in a tweet by Eleanor Terrett, a well-known Fox Business correspondent.
“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.”
On December 22, 2020, the SEC filed a complaint against Ripple Labs and two of its executives. The company, according to the SEC, transacted $1.3 billion in cryptocurrency XRP as security without reporting it with the SEC. Ripple and other entities have since alleged that the SEC’s judgment is biased.
Most corporations that have faced the rage of the SEC have generally acceded to the demands and sought a compromise. Ripple, on the other hand, is not going down without a fight and has vowed to pursue the issue to its natural conclusion.
The firm accuses the SEC of being biased and extends the definition of “security” include cryptocurrencies. If this is proven to be correct, the commission’s authority will be undermined, not to mention the legitimacy of its argument.
Securities must be licensed with the SEC, and certain financial statements must be made public, according to SEC laws. The goal is to eliminate fraud and preserve investors’ holdings.
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