Xrp
The Court has granted the SEC an extension to file its opposition to Amici’s request
The counsel representing XRP holders had earlier requested to participate in an “expert” witnesses briefing
The SEC “expert” has claimed to know what motivated XRP holders to buy the token
In a slew of delays that has marred Ripple Lab’s lawsuit with the US Securities and Exchange Commission, the latest came earlier today. The Court hearing the lawsuit between these parties has granted the SEC a five-day extension to file its next reply. The SEC had earlier requested an extension to file its opposition against amici’s request to participate in the expert challenge. The watchdog can now file its reply by June 7, and any replies to the same can be filed by June 10.
On May 24, the SEC had filed a motion with the Court to extend its time to file an opposition to the letter filed by counsel for six amici curiae. It had noted that it “is the SEC’s first request for an extension of this deadline.”
For background, the Court had granted amici curie status to six XRP holders last October. This means that while they are not exactly party to the case, they can be “friends of the court”. These XRP owners and their counsel are allowed to assist the Court in legal matters regarding the lawsuit on a pre-approved basis.
SEC’s latest opposition is in response to John Deaton, the representative for XRP holders. He had earlier requested the Court to file a briefing relating to the expert challenge. The SEC is set to question an “expert” witness to find out the motivation of XRP holders when they bought the digital asset. Since Deaton represents a large swathe of XRP holders, the lawyer had filed a motion to participate in the briefing. He also requested the Court to give him access to the expert’s report and deposition testimony.
In his testimony, expert SEC witness Patrick B. Doody had claimed to know which information “reasonable” XRP holders relied on when they bought the digital asset.The Layer
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XRP Lawsuit: Court Grants SEC Extension to File Opposition
By
Anjali Jain
May 26, 2022
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The Court hearing the XRP lawsuit has granted the SEC a five-day extension to file its next reply in opposition to the Amici's request
Source: The Layer
QUICK TAKE:
The Court has granted the SEC an extension to file its opposition to Amici’s request
The counsel representing XRP holders had earlier requested to participate in an “expert” witnesses briefing
The SEC “expert” has claimed to know what motivated XRP holders to buy the token
In a slew of delays that has marred Ripple Lab’s lawsuit with the US Securities and Exchange Commission, the latest came earlier today. The Court hearing the lawsuit between these parties has granted the SEC a five-day extension to file its next reply. The SEC had earlier requested an extension to file its opposition against amici’s request to participate in the expert challenge. The watchdog can now file its reply by June 7, and any replies to the same can be filed by June 10.
On May 24, the SEC had filed a motion with the Court to extend its time to file an opposition to the letter filed by counsel for six amici curiae. It had noted that it “is the SEC’s first request for an extension of this deadline.”
For background, the Court had granted amici curie status to six XRP holders last October. This means that while they are not exactly party to the case, they can be “friends of the court”. These XRP owners and their counsel are allowed to assist the Court in legal matters regarding the lawsuit on a pre-approved basis.
“Expert” Witness Doesn’t Represent XRP Holders
SEC’s latest opposition is in response to John Deaton, the representative for XRP holders. He had earlier requested the Court to file a briefing relating to the expert challenge. The SEC is set to question an “expert” witness to find out the motivation of XRP holders when they bought the digital asset. Since Deaton represents a large swathe of XRP holders, the lawyer had filed a motion to participate in the briefing. He also requested the Court to give him access to the expert’s report and deposition testimony.
In his testimony, expert SEC witness Patrick B. Doody had claimed to know which information “reasonable” XRP holders relied on when they bought the digital asset.
Interestingly, Fox Business Journalist Eleanor Terrett also revealed a questionable connection between the witness Doody and the SEC. In a Twitter post today, Terrett said that Doody is currently employed by a private consulting firm that won a $4.1 million government contract in 2018. Notably, the contract was funded by none other than the SEC, she added.
No End in Sight for XRP Lawsuit
Amici counsel John Deaton has since apologized to XRP holders for not stopping yet another delay in the XRP lawsuit. He noted earlier on Twitter,
I’m well aware of the frustration #XRPHolders have regarding extensions, but please understand it would have looked very poorly, and without consequence, for me to object when the parties are in agreement.
Both Ripple and Deaton had agreed to SEC’s request for an extension to file its opposition to Amici’s request.
However, the extension is only one of the many granted to the SEC in the past months. The financial watchdog has earlier delayed court proceedings by holding on to its attorney-client privilege claims regarding Hinman’s 2018 Ethereum speech. The agency has repeatedly filed multiple oppositions to the court’s ruling that it should compel and submit these documents. The court is yet to issue its ruling regarding the latest opposition.
