The SEC vs Ripple lawsuit drama has been tedious and lengthy. And if you thought a deal was around the corner, you were completely wrong. The latest development on that front comes in the form of a joint proposal submitted by both parties to request an extension of the current expert discovery deadline.
The lawyer for both Ripple and the SEC wants the deadline to be extended to November 12, 2021, so that the current and former CEOs of the blockchain payments firm can be deposed next month. The motion was presented to the District Judge of the Southern District of New York court, Analisa Torres.
Notably, CEO Brad Garlinghouse and CEO and Co-Founder Chris Larsen were named individual defendants in the scorching complaint on December 22, 2020 that initiated a civil enforcement action against Ripple and the two top executives. The SEC claimed that the two executives and their company had made billions by offloading unregistered securities to the public.
No sign of reaching an agreement
Here, it is worth mentioning that the SEC's request for a 60-day extension of the fact and expert discovery deadline to October 15 in the Ripple case was previously approved by Magistrate Judge Sarah Netburn. However, it looks like the expert discovery will continue for another month.
Either way, the latest development has sparked some backlash online, especially among the XRP community. Attorney James K. Filan was one of those who voiced their views on the matter, suggesting that the joint motion throws the possibility of a settlement out of the window.
"In my experience, anyone who thinks this case is going to be resolved soon should reconsider," Filan posited.
Furthermore, the judge has yet to render a ruling on the twin letters, filed by Garlinghouse and Larsen respectively, seeking the dismissal of the charges brought against them, as well as the motion for XRP investors to intervene in the case.
Suffice it to say that the entire crypto industry is watching the case, as its resolution will set a key precedent. Discoveries made on demand will also help bring a clearer and more reasonable path to the regulatory landscape for ICOs in the future.