One of the lawyers that defends Ripple Labs in court in the legal battle against the US securities regulatory agency, the SEC, James K. Filan, has tweeted that Ripple has filed an objection to the SEC’s request about extending the deadline for the discovery in the Ripple case by two months.
“SEC’s request poses “an existential threat” to Ripple’s business”
As reported by U.Today previously, on June 3, the regulatory agency officially asked the federal judge for a 60-day extension of the discovery in the Ripple’s case.
The SEC claims it needs more time to depose more witnesses on the case (it has already deposed and interviewed witnesses, which took two days). Thus, it requests another two months to complete that.
Ripple’s lawyers have filed a note of objection to the judge, saying that this reason is not good enough to change the discover schedule. Besides, if the court grants this extension, this would be prejudicial to Ripple since the SEC misstates the reason for this delay.
The SEC’s letter misstates the reasons for Ripple’s opposition to extending discovery. Ripple opposes this extension because delay will be extremely prejudicial to Ripple and because there is not good cause to modify the discovery schedule
Overall, Ripple’s letter to the court states that should the delay be granted to the regulatory watchdog, it would present “an existential threat” to Ripple’s business in the US.
The witnesses the SEC wants to depose
Among the additional witnesses the SEC wants to depose are the ex-CFO of Ripple Ron Will and ex-senior vice president at Xpring Ethan Beard.
As covered by U.Today in late May, back then, there were ten present and ex-Ripple staffers were ready to testify on various matters to do with the Ripple case.
The reason for the delay and more witnesses to depose cited by the SEC is that during the discovery more evidence developed, including that of “the sheer scale” of Ripple’s “unlawful” XRP offering.