SEC Attempts to Extend Exploration Phase Before Ripple Hearing


sec ripple

The SEC is trying to extend the pre-trial discovery phase by two months, signaling that no deal is likely at this time.

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The US Securities and Exchange Commission (SEC) is seeking a 60-day discovery extension for the Ripple lawsuit from Federal Judge Analisa Torres. The SEC has already conducted two days of deposition and witness interviews. He claims he needs additional time for the remaining eight statements. It is also seeking orders to testify from six more witnesses, as reported by U.Today.

Additionally, the regulatory observer needs more time to receive and review Ripple’s document before the aforementioned statements are made.

In the SEC’s view, granting the two-month extension is the “most equitable and efficient way” to address remaining exploration issues:

โ€œEspecially when the SEC is doing its best to meet all current deadlines, it is neither fair nor fruitful to interrupt the SEC’s opportunity to fully develop real records in a situation involving years and billions of dollars of XRP sales.โ€

Jesse Hynes, general counsel of Gala Games, tweeted that this means there are probably no deals on the table right now:

โ€œThese are not the kind of requests someone would make if they wanted a deal.โ€

Ripple Seeks Evidence from Foreign Exchanges

Ripple CEO Brad Garlinghouse and co-founder Chris Larsen also made a joint move requesting various documents from 15 exchanges to prove that the SEC did not claim domestic XRP sales.