The Securities and Exchange Commission (SEC) of the United States appears to be preparing for the next step of its action against Ripple. The SEC has submitted a letter noting that it does not intend to pursue more discovery at this time. The SEC is prepared to move forward with the Ripple lawsuit. The SEC letter states:
Pursuant to this Court’s March 23, 2022 Order (D.E. 452), and after meeting and conferring with individual defendants on April 14, 2022, the SEC respectfully informs the Court that the SEC does not seek to take any additional discovery at this time.
According to the letter posted by Attorney James K. Filan, a regular community contributor following the case, both parties retain the ability to seek additional discovery at a later date if they so wish.
While there is no timetable for when the complaint will be resolved or whether a settlement is being worked on, community members see the filing as a positive development. With the filing, the matter might go to trial very soon.
Meanwhile, the SEC’s letter comes just a few days after the court refused its plea for a review of the DPP verdict. The judge confirmed her prior ruling, noting that the SEC’s move was an attempt to obtain a favorable decision regardless of whether the challenged papers were deliberate or not.
Ripple confident of victory
With many additional judgments that have resulted in significant victories for Ripple, the fintech business is growing more optimistic about its chances of success. Ripple CEO Brad Garlinghouse recently told CNBC that the litigation has gone better than expected. He remarked:
The lawsuit has gone exceedingly well, much better than I could have hoped when it began about 15 months ago.
Meanwhile, Ripple supporters are not backing down in their support for Ripple. There is now a third force challenging the SEC, in addition to the attorney John Deaton-led XRP Army and Empower US litigation against Ripple.
On behalf of XRPL users, attorney Fred Rispoli has filed a class-action lawsuit against former SEC officials Jay Clayton and William Hinman. According to the attorney, the two former SEC members had a conflict of interest in dealing with Ripple while at the agency.
