New update for the XRP lawsuit but things don’t seem to be good for Ripple and XRP Holders. The case extended even further as SEC’s request for the expert discovery extension in a Text-Only Order was approved.
There are about 14 witnesses that will testify on the court, according to both parties. Ripple believes this would not take more than 18 business days as SEC has many resources available for this.
Moreover, both the defendants and the movants (XRP Holders) state that any other extension will only negatively affect the two parties involved.
Despite the complaints, the court has a different viewpoint on this. They approved of the extension, stating that more time will only bring benefits to both parties as they will have more time to prepare for the future expert depositions.
Another action worth mentioning from the court was the refusal of Attorney Deaton’s Letter Motion to File Amicus Brief, from the XRP Holders that objected to SEC’s request for an extension.
— CryptoLaw (@CryptoLawUS) October 20, 2021
The court further elaborated on its decision, claiming that they are aware of everything going on between the two parties and the effort and resources coming from them. While they understand that such an extension might be a concern for the parties involved, the court reassured them that the overall schedule of solving the case will not be affected.
Instead, this extra time requested by SEC should only be seen as something positive, as both sides will get more time to complete fact discovery and prepare for the depositions. On such record, the SEC’s application was approved, the court justified their decision.
Ripple does not seem to agree with this, as the XRP market in the US will remain frozen and keep suffering prejudice.
Almost every digital asset exchange in the US ceased the trading of XRP, according to the defendants. Consequently, the entire token market is seriously harmed and especially Ripple’s business as Ripple relies on XRP for their product offerings.
On the other hand, XRP Holders are not happy either as they have to wait for the expert discovery extension as well. As a result, their funds need to stay frozen because of the ongoing lawsuit.
There are a great number of XRP Holders that have XRP in their retirement brokerage accounts, which have also been “frozen” as a result of the SEC’s allegations that XRP is unregistered security. This way, Holders of XRP don’t have the opportunity to trade, sell, transfer, or convert their holdings.