Ripple has objected to the US Securities and Exchange Commission’s (SEC) offer of additional time or page after the summary decision.
The lawsuit filed by the US Securities and Exchange Commission (SEC) against Ripple in 2020 continues. There have been new developments in the XRP case between the parties of Ripple and the SEC, which has not been on the agenda for a long time.
Ripple Opposes Help Offer in XRP Litigation
Ripple has objected to the SEC’s suggestion that it may ask for additional time and pages if amici curiae (friends of the court) presents summary in the XRP case.
Recently, Ripple and the SEC requested summary judgment before the hearing. The SEC then requested additional time or pages from the court if the abstracts were submitted. However, Ripple said that this proposal by the SEC is another transparent attempt to further delay the resolution of the case and the court should reject it.
Presenting their petition to the New York Southern District court, where the case was heard, Ripple demanded that the case be adjudicated while stating that they had no defense other than the evidence they had presented so far.
The SEC, on the other hand, filed a petition citing that the sale of XRP by Ripple classifies the cryptocurrency as an investment vehicle, citing a securities breach under U.S. securities law.
The request for summary judgment submitted by the parties is seen as the most important development in the case, which has been going on since December 2020.
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