- SEC requests extension through June 7
- This is the first time the SEC has applied for an extension of the deadline.
The US Securities and Exchange Commission (SEC) has filed an extension request in the ongoing Ripple v. SEC lawsuit. The news of the extension filed by the SEC affected the price of Ripple’s crypto token XRP, which was down 1.30% at the time of reporting.
SEC Requests Extension in Ripple Vs SEC Case
An atmosphere of uncertainty lurks in the SEC v. Ripple case as major developments continue to gain momentum. First, on May 21st, the SEC applied to the court to extend the SEC’s time for the objection submitted by six lawyers.
In legal terms, Amichi Curia Means an individual or group who is not part of a court proceeding/legal case but is permitted to assist the court in providing valuable and impartial insight.
The case’s presiding judge, Analisa Torres, previously granted the status of Amici curiae to XRP holders to support and assist with litigation in an organized way.
However, several crypto critics on Twitter see the SEC’s extension request as a form of deferring the order, burning the speculative market with new opinions and perspectives.
Ripple vs. SEC Overture
The SEC-Ripple case got a lot of attention in 2020 when several cryptocurrency exchanges delisted XRP because it was a speculative asset. Although the Ripple team denied the claim that XRP was a utility token and not a speculative asset, the SEC continued the war, declaring XRP an illegal security proposal. The SEC also argued that the company’s failure to cooperate in providing essential details regarding XRP’s governance and financial policies and procedures could further escalate the legal flames.
The case also claimed that XRP had raised $1.3 billion through illegal means, and that Ripple co-founder Christian Larsen and current Ripple CEO Bradley Garlinghouse have made significant money out of this predicament.
Ripple Labs issuance counter declaration Shortly after the legal battle has accelerated, the SEC has been misrepresenting the facts and has revealed that XRP is not eligible for an investment contract. In addition, the Ripple team made a clear statement on Twitter, saying, “The battle of the SEC is not only against Ripple, but against the entire blockchain industry.”
With recent changes and extensions being filed with the courts, it is unlikely that the Ripple v. SEC case will close anytime soon. recent report from code The Ripple v. SEC court case could be extended until 2023 given the latest developments and consequences of the case, he added.