There has been another important development in the "unregistered securities sale" lawsuit between the US Securities and Exchange Commission (SEC) and the Ripple company. The SEC has requested an adjournment for the discovery period, which will expire on March 23, regarding the cases of Ripple CEO Brad Garlinghouse and Chris Larsen, the individual defendants in the case. The Ripple side responded to the request with a letter of objection.
The defendants Brad Garlinghouse and Chris Larsen are also personally on trial in the lawsuit that has been going on between Ripple and the SEC since December 2020. The SEC, on the other hand, requested an extension of the discovery process, which will end on March 23, for no more than a week, in the ongoing hearings regarding these two.
Ripple has objected
On the other hand, Ripple executives rejected this request and wrote a letter of objection to judge Sarah Netburn. In the letter written by Garlinghouse and Larsen's lawyers, it was stated that the SEC had extended the case sufficiently and included the following statements:
“The SEC has already extended the litigation process multiple times to date. After that, nothing can stop Ripple from showing that XRP is not a security.”
SEC letter, May claim for Ripple
The SEC also informed the court in its extension letter that Ripple has proposed a resolution session for mid-May. However, he argued in the SEC request that such a session would be premature. Additionally, the SEC has asked the court to refer the parties to a resolution session for discussion only after it has decided whether additional discovery is needed.
