According to a legal file, Ripple Labs has asked a US District Court judge to deny the Securities and Exchange Commission’s motion for a 60-day extension to the investigation schedule, citing an “existential threat” to the company’s operations in the country.
According to the SEC, Ripple Labs and its officials illegally sold $ 1.3 billion in XRP to customers in December 2020, leading to the filing of an SEC case involving the sale of unregistered securities in the form of the XRP currency went.
The SEC cited two cases in which Deaton made references to physical violence. For example, in response to a report of a discovery conflict in this case, Deaton tweeted on March 12, 2021.
Issues that discourage the ripple
Following the SEC lawsuit, numerous US-based cryptocurrency exchanges delisted XRP trading and reduced the liquidity of XRP as a cross-border payment bridge.
Ripple’s chairman and CEO is asking the court to obtain XRP information from a list of offshore crypto exchanges to defend against SEC lawsuits, and Ripple also said the SEC encouraged the market to believe in its latest lawsuit, that XRP was not an investment contract. Ripple operates out of court in the CBDC business.
Today, XRP is essentially illiquid in the United States, creating the possibility of transferring [on demand liquidity] To or from the US In a June 8 letter to US District Court judge Analisa Torres, Ripple’s defense attorneys said that the liquidity of XRP has been hampered in other jurisdictions and is affecting Ripple’s ability to develop and promote ODL worldwide has been.
Ripple has appealed to the court to deny the SCE’s use of the data, claiming that the SEC’s previous enforcement actions were either unrelated to digital asset companies or initial ICOs, neither of which affect Ripple.
“A decision that with fair announcement that the defense can override any action taken against an asset that is not the same as a previously declared security would mean Howey and his descendants would be annulled.“Wrote the SEC in a letter to Judge Analisa Torres.
Every day this lawsuit goes on, the XRP markets in the United States are improperly blocked and Ripple’s business is badly damaged.