SEC Files Another Extension in Ripple Case Leaving XRP to Tread Water

SEC Seeks for More Time to Contest Unfavorable Judge Rulings

On Friday, defense lawyer James Filan took to Twitter once more to share the SEC’s latest extension request.

Filan tweeted,

“The SEC has filed a request for an extension of time to file its objection to Magistrate Judge Netburn’s ruling on the Motion for Reconsideration of the DPP Ruling. The SEC is raising new privilege assertions.”

Filan went on further by tweeting,

“The SEC says that the defendants are prepared to proceed to summary judgment without a ruling on the Hinman emails and documents.”

For the SEC, the Hinman emails and documents are a concern, and the latest extension request illustrates how important it will be for the SEC to exclude some or all of the content from the court.

The SEC is requesting an extension of the deadline to file an objection to Judge Netburn Opinion Orders dated January 13, 2022, and April 11, 2022. It is a second extension request for the January 13 Opinion Order.

On April 11, Judge Sarah Netburn denied a motion for the courts to reconsider a ruling relating to a famous 2018 Hinman speech. Hinman said that Bitcoin (BTC) and Ethereum (ETH) are not securities.

On Friday, Filan also shared an SEC filed letter stating that the SEC does not seek to take additional discovery.

For XRP, while the extension request may not be surprising, it does drag out legal proceedings. This could test XRP support near term.

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