The global crypto market sees constructive developments around demand for its long-standing top-tier protocol. The Ripple SEC clash has faced a number of motions and retaliation from parties. Which has heated up conversations in the business, with people in the industry supporting Ripple.
In a recent backlog, the plaintiffs filed a motion for an extension of time to respond to the delivery of notes from the 2018 meeting, which seeks grants from the Judiciary, despite the objections of the defendants. Amidst heated discussions about the Ripple lawsuit, other lawsuits with the SEC surface. On the contrary, Ripple’s connection to the FED draws the attention of the fraternity.
Has the SEC Rolled Up Its Sleeves to Kill Ripple?
As mentioned above, the SEC has filed a motion for a time extension to February 24, 2022. The current deadline is February 17, 2022. To respond to Ripple’s motion to compel delivery of notes from the 2018 meeting between Bradley Garlinghouse and Commissioner Roisman.
The presentation shared by the defense attorney James K. Filan illustrates that, in the filing, the SEC asserts that a 2-week response time is appropriate. In light of the ongoing expert deposition and briefing schedule. The regulatory authority further cites that, beyond the two statements, the SEC is on the march. The parties have “declarations of 3 experts” on February 15, 16 and 18.
Additionally, the SEC will file its motion that the extension request would not harm Garlinghouse for several reasons. The plaintiffs cite that the extension would not preclude other deadlines. Also, second under the case management order, Garlinghouse will be entitled to additional discovery, if he files his motion to dismiss.
It is also cited that the initial trial period has not in fact been completed, as the defendants have yet to complete their part. Although, Bradley Garlinghouse filed an objection to the SEC’s request for an extension. The court in a single text order has granted the SEC’s appeal. At that time, the SEC is further directed to email the contested “Estabrook notes” to the chambers for closed-door review.
Does Ripple now refuse to bow to torment?
Ripple has been spreading its wings to the other side of the spectrum, despite ongoing torment. One proponent sheds light on the fact that Federal Reserve will use Ripple ODL 24/7/365 for instant cross-border payments.
Furthermore, Ripple has Announced join the Digital Euro Association as a supporting partner to further develop the work around CBDCs. Which would further enhance the initiative of companies around CBDCs, with their experience in blockchain and cryptocurrencies.
In short, experts cite that the same SEC that filed the lawsuit is constantly asking for extensions, which has now become a matter of course. Furthermore, Ripple has not been the only one in the cryptosphere to be worried about the SEC. As the demand for LBRY has been gathering steam in the community.
Furthermore, the Empower Oversight issue has also exposed the torments of the SEC. That being said, the XRP army is bullish on Ripple’s triumph against the SEC’s rogue act. Regardless of the tantrums of the regulatory authority. Once it settled down, what the fraternity is looking forward to is XRP soaring with ultra-bullish scores.
This post Will Ripple’s connection to the Federal Reserve change things around its lawsuit?
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