The defendants Bradley Garlinghouse, Christian Larsen, and Ripple Labs Inc. in the lawsuit against U.S SEC have filed for a motion for extension. As per the motion, they seek more time to respond against the commission’s proposed redactions of Key Documents. The defendants want to evaluate the material so that they can see to what extent they have objections to the proposed redactions.
Ripple seeks extension
The motion mentions that the SEC will produce the documents by early next week. Meanwhile, Both the parties have agreed to it and just need the court’s approval. After reviewing the documents, the accused will file a response in court within three days.
The defendants noted that the deadline to file their response was due on March 28, 2022. As per Attorney, James K. Filan, the court granted the Individual Defendants’ request for an extension to file their Answers in a text-only order. Interestingly, he also mentioned that their reply is due no later than April 8, 2022.
April will be a critical month for the lawsuit
Earlier, Individual Defendants in the case filed a motion seeking additional time until April 8, 2022, to file their answers to the SEC’s First Amended Complaint. To this Filan informed that SEC’s response on additional discovery is due on April 15 and the joint Proposed Scheduling Order will be due by its next week April 22, 2022.
It seems like the long-running controversial lawsuit will also stretch the month of April with multiple responses and discoveries. The commission has been dragging the case by demanding several extensions, on the other hand, Ripple has proposed a summary judgment schedule which is due by mid-May. This simply shows the different approaches taken by both parties.
On the market side, the last 30 days have been good for the XRP token as it has managed to surge by almost 30%. The coin is trading at an average price of $0.83, at the press time. According to CoinMarketCap, XRP is still the sixth-largest cryptocurrency with a total market cap of over $48 Billion.