The U.S. Securities and Exchange Commission (SEC) wants more time in disclosing internal documents about BTC, ETH, and XRP. Responding to this, Ripple Labs has filed an opposition back to the regulatory agency’s request for a two-month deadline extension.
U.S. SEC Requests Deadline Extension on Disclosing Internal Docs on BTC, XRP, ETH
The U.S. Securities and Exchange Commission (SEC) has requested a New York Court for two more months to disclose emails and internal documents on Bitcoin, Ethereum, and XRP as opposed to Ripple’s initial request by June 18.
In their request for a deadline extension, the regulatory agency claimed it needs more time to complete deposing witnesses and compel Ripple to produce further documents before Magistrate Judge Netburn.
“Making careful, good-faith determinations of applicable privileges, as is required in these circumstances, is a sensitive, time-consuming endeavor.” the request letter read.
The deadlines were originally set for July 2 for fact discovery and on August 16 for expert discovery.
The SEC said the agency has already collected 25,000 emails and is still reviewing “tens of thousands” of internal documents. However, it still needs to speak with its former employees to make sense of some of the old documents.
Ripple Files Opposition to SEC’s Request on Deadlines Extension
Ripple Labs has now filed an opposition to the U.S. Securities and Exchange Commission (SEC) request for a two-month discovery deadline extension, accusing the regulatory agency of purposefully delaying the production of documents “as a reason for extending the (discovery) schedule.”
— James K. Filan (@FilanLaw) June 8, 2021
In the lawsuit, Ripple points that that a delay would present “an existential threat” to Ripple to continue its operation in the U.S.
In its latest regulatory agenda for the spring and summer, U.S. Securities and Exchange Commission unveiled that cryptocurrency will not a part of their regulatory scrutiny as of yet.
Instead, the agency has focused on special purpose acquisition companies (SPAC); short sale disclosures; money market reforms; gamification of trading platforms like Robinhood among others.