The legal scuffle between Ripple’s XRP and the US SEC remains obscure with no clear exposition. Yet again the governmental entity is provoking a wider debate with a request to further extend expert discovery for early 2022. Which has posited significant damage to the Ripple and XRP holders. Meanwhile, a lack of clarity and uncertainty has put the entire community in jeopardy.
SEC is Not in the Mood to Give Any Clearance to XRP!
Recently, SEC has requested the court to extend the deadline for expert discovery from November 12th, 2021 to January 14th, 2022. The governmental entity marks that it needs appropriate time to produce a surrejoinder report and bring down a minimum of 14 witnesses.
In response Ripple disagreed with the request and said the platform permits an extension of the deadline until November 12. The community is arguing that another 2 months of the extension will heavily impact its business and price action. As 40% of the professional investors are from the US, the dragging investigation has significantly hurt the XRP markets in the country. Moreover, platform’s General Counsel Stuart Alderoty responded to the agency’s request:
“Every litigator will tell you it’s always the defendant – never the plaintiff – asking to delay proceedings. Why would any plaintiff, let alone one with unlimited resources, play the delay card?”
Ripple Appears Bull-Headed
On the other hand, Ripple CEO Brad Garlinghouse in an interview with FOX business on 19th October 202. Expressed his frustration against the agency’s lack of clarity and uncertainty over the lawsuit. The founder showing his confidence in the ongoing lawsuit said that XRP will be soon declared as it is not a security.
Meanwhile, John E Deaton, founder of Crypto-law.us wrote a letter requesting the judge to consider the possible impact that delay has on XRP holders and its market. He emphasized that freezing of XRP markets within the USA will have a profound impact on holders. Further, the lack of liquidity interconnected with huge de-listing restricts traders from trading, selling, or converting their XRP.
Collectively, XRP price could start to blow if the stars align. As the SEC is not getting any strong evidence to prove it as a security, soon lawsuits may turn in favor of Ripple. However, the altcoin is trading at $1.11 with 1.79% gains in the last 24 hours. If the asset gets any momentum, it has the potential to mark a new ATH in Q4.