SEC requested extending deadlines for fact & expert discovery by 60 days.

[PAPAMOFO]

#XRPCommunity #SEC_NEWS v. #Ripple #XRP After a 2 1/2 year investigation, and almost 6 months after filing the complaint, the SEC has just requested that the Court extend the deadlines for both fact and expert discovery by sixty (60) days.

https://t.co/CVOAXqOWBm

[PAPAMOFO]

 

[Wolfaolyth]

Great with this it s clear that the SEC is just trying to damage Ripple business as much as possible.

Tactics to build up the pressure on Ripple to force them to go on the settlement table

[Panopticon]

Truly pathetic...

 

[gamblin310]

45 minutes ago, Panopticon said:

Truly pathetic...

 

Clayton had to file the enforcement action before the investigation was completed because his boss lost reelection...

[HAL1000]

The SEC have lost the plot, they have no idea how to proceed, so they have hit the delay button in the hope they can find something to hang Ripple with. This all goes to show the SEC do not have a real case to bring and never really did, this is JC's mess, and he caused all this with no regard for the consequences.

The clown and his cohorts need to be seriously investigated at this point, they have caused massive disruption to an emerging global industry leader and have even been financially rewarded for doing so, under very dubious circumstances.

 

Edited June 3, 2021 by HAL1000

[Julian_Williams]

10 minutes ago, HAL1000 said:

The SEC have lost the plot, they have no idea how to proceed, so they have hit the delay button in the hope they can find something to hang Ripple with. This all goes to show the SEC do not have a real case to bring and never really did, this is JC's mess, and he caused all this with no regard for the consequences.

The clown and his cohorts need to be seriously investigated at this point, they have caused massive disruption to an emerging global industry leader and have even been financially rewarded for doing so, under very dubious circumstances.

 

Of course this is a guess, but it is the same guess I am making.  If it is true then this should be an embarrassment to Gensler and his new administration.

I presume Judge Netburn has clicked that this is hurting 30k innocent investors as well as Ripple.  I wonder if she will be obliged to grant an extension and for how long?

[HAL1000]

Jeremy Hogan

The SEC has apparently bitten off more than it can chew and is asking the Court for more time at the dinner table. I don't know if the Court will grant the extension but I do know that the SEC is way behind the eight ball! Note again that the new Chicago lawyer wrote the letter.

----

Ripple have already said no to this extension, so now it's up to the court. The Self Enriching Criminals are about to lose IMO, when it comes to the majority of this case. Backroom deals etc, have always been a given if you ask me, so the SEC get paid off, via their usual method, fines, after of course their usual deep investigation and a bit of strong arming, what a bunch of aholes. They know this delaying tactic will hurt Ripples business, which can be used as a further tactic to extract more in quick settlement fines. It's nice to know that this law enforcement agency is doing its job properly and sticking to its mandate!

 

Edited June 3, 2021 by HAL1000

[Danny]

Shouldn't we all have been expecting ridiculous moves like these?

[Julian_Williams]

This guy is doing a really good job of looking at the court documents.  Seems quite unlikely that the judge will give SEC much more time.

 

[Chocobo]

Is there a date planned when the judge makes this decision?

[HAL1000]

When she gets out of bed

[CryptoPitbull]

I really hope that one of the Ripple lawyers remind the judge that one of the SEC's objections to adding XRP holders to the case is that it would extend the trial. Now they are asking for more time?!? Can't make this up

[RussianStandards]

46 minutes ago, CryptoPitbull said:

I really hope that one of the Ripple lawyers remind the judge that one of the SEC's objections to adding XRP holders to the case is that it would extend the trial. Now they are asking for more time?!? Can't make this up

I forgot about this, it’s been very interesting to follow this whole thing from over in the UK. It’s a bit of a mess to say the least and I dream of the day it’s sealed off and hopefully XRP and Ripple can begin to thrive. 

[HAL1000]

FYI

https://cointelegraph.com/news/ripple-seeks-docs-from-15-offshore-exchanges-it-says-could-be-fatal-to-the-sec-s-charges

LOL in the linked article it says:-

"The SEC amended its complaint against Ripple and the firm’s executives in February, alleging their sales of XRP suppressed the crypto asset’s price."

Taken from the SEC's own website:-

The Securities and Exchange Commission announced today that it has filed an action against Ripple Labs Inc. and two of its executives, who are also significant security holders, alleging that they raised over $1.3 billion through an unregistered, ongoing digital asset securities offering.

So the SEC's action wiped out over 10 billion dollars worth of value to xrp holders, is it just me or is there something ever slightly screwed up here. The SEC investor protection is our mandate, F'ing aholes. Also, after over two and half years of supposed investigation, they couldn't work out where in the world Brad and Chris had sold their XRP!

Taken from the top link:-

"Ripple’s executives deny the SEC’s allegations that they violated Section 5 of the 1933 Securities Act, emphasizing that Section 5 specifically prohibits the domestic sale of securities without a registration statement. Garlinghouse and Larsen’s legal representation counter that their XRP sales were conducted on foreign exchanges and thus outside of the SEC’s jurisdiction:"

Edited June 3, 2021 by HAL1000