As part of the action against Ripple Labs, the US Securities and Exchange Commission (SEC) has been given an extension to submit a discovery schedule relating to individual defendants Brad Garlinghouse (CEO) and Chris Larsen (co-founder).
The acrimonious legal battle has been going on since late December 2020, when the SEC claimed Ripple Labs made $1.3 billion from an unregistered security offering using its XRP coin. The company claims that XRP is not a security but rather a vehicle for international payments, and that the SEC failed to provide Ripple with adequate notice that its cryptocurrency constituted a security.
While the SEC’s victory in this case is a tiny one, some observers believe the SEC is dragging its feet and stalling the case down in order to frustrate Ripple Lab.
The most recent development was emphasized by defense attorney and former U.S. federal prosecutor James K. Filan, who cited a text-only order from the Court earlier today.
“Within a week of the filing of the Individual Defendants,” the order stated, “the SEC shall tell the Court of its position on whether any additional discovery is required.”
The XRP community’s reaction to the article was divided, with some criticizing the SEC for “wasting time in an already lost case,” while others, such as one of the Twitter user said that the delays could be beneficial to XRP in the long run.
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