Another XRP lawsuit update dominated the airspace on Wednesday after the Securities and Exchange Commission filed a request seeking to initiate a 90-page response supporting its July motion. As reported, the U.S regulator had in the past month made a motion to demand the exclusion of the testimonies by Ripples witnesses in the lawsuit.
Notably, the request by SEC for a 90-page response to its motion comes as a result of the April 28 directive by Judge that all such motions and answers must always be limited to 15 pages. Now, SEC intends to go as much as 90-pages in its response and requires the approval of the court to proceed. According to the U.S regulator, “the motion seeks to exclude or limit the testimony of 10 experts retained by Defendants, Ripple Labs, Chris Larsen, and Brad Garlinghouse.”
In a similar XRP lawsuit update, the crypto solutions provider, Ripple has chosen not to object the request filed by SEC. However, Ripples announced its decision to also file a similar request to the Court. According to reports, the firm and its executives intend to seek for an 11-page limit for its response brief. This brief, as reported, remained geared towards supporting its motion for the exclusion of the testimonies of five of SEC’s experts. Notably, SEC in its own request, noted that it won’t object Ripples’ request. It stressed that “for these reasons, the SEC respectfully requests that the court grant this motion.”
XRP lawsuit update and its genesis
Worth noting that the crypto space has always been greeted with numerous XRP lawsuit update since it began in 2020. Reportedly, the tussle began after SEC sued Ripple for allegedly amassing over $1.3 billion via illegal avenues. According to SEC, Ripple and its executives indulged in the sale of unlicensed security to investors. Additionally, the U.S regulator alleged that the two Ripple shareholders marketed the products to investors without permit. Also, the agency illustrated that the crypto firm engaged in such “illegality” within 2013-2020. According to the filing, Larson and Garlinghouse carried out unrecorded sales of XRP worth $600 million.
The tussle has continued to take numerous dimensions since its commencement. Recently, in another XRP lawsuit update U.S. judge Sarah Netburn granted Ripple motion to serve two subpoenas. As reported, the approval allows Ripple to verify seven video recordings in which U.S. Securities and Exchange Commissions officials made public remarks. Also, the Court ordered the release of the “Hinman speech” by the SEC. Ripple sees the speech as evidence and reference capable of helping its case. However, the SEC later submitted a reply brief in support of its objections to the court order. With the look of things, the case will not end anytime soon.
However, as of press time, XRP trades at $0.3455076. It possesses a current market cap of $17.12 billion USD and a 24-hour trading volume of $ 977.38 million USD.