No settlement…SEC insists on digging deeper and discovering the Ripple issue more
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Answer No settlement…SEC insists on digging deeper and discovering the Ripple issue more
It has now been more than half a year since the US Securities and Exchange Commission (SEC) filed a case against Ripple accusing it of illegally selling securities and considering XRP as a security token instead of a digital currency.
Recently, the SEC asked Federal Judge Annalisa Torres to extend the discovery of the Ripple case for an additional 60 days.
The SEC has already conducted two days of testimony and interviews with witnesses.
She told the SEC it would need additional time given that there were eight affidavits remaining, as the SEC is seeking a hearing for six more witnesses.
Additionally, the regulatory body needs more time to obtain and review the Ripple document before making the above-mentioned filings.
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In the SEC’s view, granting a two-month extension is the most fair and effective way to address remaining discovery and listening problems, as the SEC statement reads:
It is neither fair nor effective to cut short the opportunity for the SEC to fully develop the factual record in this case, which involves years of behavior and billions of dollars in XRP sales, especially since the SEC has gone to great lengths to meet all existing deadlines.
Tell Jesse Hines, General Counsel at Gala Games, tweeted that the SEC’s request more likely meant that there was no settlement on the table yet, and explained:
This kind of request reveals that this party does not want things to settle down.
Ripple directs foreign trading platforms to obtain documents to help them in their case:
Brad Garlinghouse, CEO of Ripple and Chris Larsen, co-founder of Ripple, filed a joint request for documents from 15 foreign trading platforms to prove the agency’s failure to claim domestic XRP sales.
Last month, the SEC obtained documents, answers and proposals after sending MoUs to foreign regulators.
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In summary, the issue of the SEC and Ripple is still ongoing and its complexity has not been resolved yet, at least until the moment.
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