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SEC asks the court to delay the collection of information on the Ripple case

The SEC said that it has new documents and evidence in the Ripple case, but it takes another two months to prepare the data for the court.

The US Securities and Exchange Commission, citing the need to prepare evidence and question a minimum of 14 witnesses,
asks extend the deadline for expert opinions from November 12 to January 14. The Commission says this renewal will not affect other timelines for the Ripple case.

In turn, Ripple
advocates against extending the term until January 14. The defendant insists that the survey of experts can only be extended until December 10.

“The 14 January deadline proposed by the Securities and Exchange Commission for no good reason will increase the timeline for the case, despite their agreement to resolve this lawsuit as quickly as possible.”

Ripple-backed lawyer and crypto expert Jeremy Hogan tweeted that the SEC’s request
will prolong trial.

“If the judge approves the request for an extension of the investigation period, all cases will not be resolved until March or even May 2022.”

Recall that the US Securities and Exchange Commission (SEC) in December last year filed a lawsuit against Ripple, accusing it of selling unregistered securities for $ 1.3 billion. SEC lawyers believe that the lack of registration of XRP as a security has deprived private investors of sufficient and adequate information about Ripple’s asset and business. As a result, they lost the protection provided by the regulator for the registered sale of securities.

This month, Ripple appealed to Justice of the Peace Sarah Netburn and accused the SEC of bad faith. Ripple clarified that during the proceedings, they did not receive answers to more than 30,000 requests sent to the Commission to admit or deny the stated facts.

In the course of collecting information on the Ripple case, the SEC requested correspondence from Ripple employees in the Slack messenger. In turn, Ripple filed a petition for the provision of information regarding cryptocurrency transactions using XRP, which could be carried out by SEC employees. The court rejected the petition.

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