According to a legal filing, Ripple Labs has asked a United States district court judge to refuse the Securities and Exchange Commission’s request for a 60-day extension to the discovery timetable, citing a “existential threat” to the company’s operations in the country.
According to the SEC, Ripple labs and its officials illegally sold $1.3 billion in XRP to customers in December 2020, resulting in the filing of an SEC case involving the sale of unregistered securities in the form of the XRP currency.
The SEC referred to two cases where Deaton made physical violence references. In response to a report of a discovery conflict in this case, for example, Deaton tweeted on 12 March 2021.
Issues that discouraging the Ripple
Following the SEC’s lawsuit, numerous US-based cryptocurrency exchanges delisted XRP trading, decreasing XRP’s liquidity as a cross-border payment bridge.
Ripple Chairman and CEO ask the court to help get XRP information from a who’s the list of offshore crypt exchanges, to defend themselves against SEC lawsuits and Ripple also said SEC encouraged the market to believe that XRP was not an investment contract in its recent court filing. Ripple is engaged in the CBDC business outside the court.
Today, XRP in the United States is essentially illiquid, eliminating the possibility of transfers of [on demand liquidity] to or from the U.S. In a June 8 letter to U.S. District Court Judge Analisa Torres, Ripple’s defense attorneys said that the XRP’s liquidity has also been hampered in other jurisdictions, harmed Ripple’s ability to develop and promote ODL worldwide.
Ripple has, on the other hand, appealed to the Court to reject the SCE’s use of the data, claiming that the previous SEC enforcement actions were either not related to digital asset companies or to initial ICOs, both of which do not concern Ripple.
“With a decision that fair notice defense can overrule any action against an investment good not identical to a previously declared security, Howey and its progeny would be nullified,” the SEC writes in a letter to Judge Analisa Torres.
Every day that this lawsuit is continuing, the XRP markets in the United States are improperly blocked, and Ripple’s business is severely harmed.
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Author: Gracie Perez