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Ripple Scores Minor Win In Ongoing Legal Battle With SEC

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In the ongoing legal battle, the federal judge granted a joint motion from all parties to extend the deadline for Daubert motions. After the announcement, Ripple and SEC submitted a joint motion to extend the time until January 13, 2023, to file the Daubert motions. Judge Analisa Torres ruled in favor of Ripple, allowing the firm to redact documents connected with Daubert motions.

James K. Filan, a defense lawyer, tweeted, “Both parties file joint motions for an extension of time, until January 13, 2023, to file the Daubert Motions and accompanying exhibits on the public docket with redactions consistent with the court’s December 19, 2022 sealing ruling.”

Ripple vs SEC

Almost two years have passed since Ripple faced lawsuit filings by the United States Securities and Exchange Commission (SEC). The SEC sued Ripple Labs Inc at the end of 2020 for marketing XRP tokens on its platform. The SEC stated that it comes under unregistered securities.

SEC thought Larsen and Garlinghouse had started illegal trading with XRP even though the token was not registered under security. It was still offering users to buy XRP. The SEC added that Ripple profited from non-cash transactions, and they pushed investors to pay in XRP to increase their token sales. From 2013 to 2020, Ripple Labs Inc raised its capital to $1.3 billion by selling XRP tokens on the platform. 

Ripple CEO Advocate Withdraws From Ongoing Lawsuit

One of the attorneys in Ripple’s ongoing case, Nicole Tatz, recently filed a motion to withdraw from counsel for Brad Garlinghouse, CEO of Ripple. She departs from the law firm Cleary Gottlieb Steen and Hamilton LLP, an American multinational law firm currently representing Ripple’s ongoing lawsuit. Meanwhile, all other counsels remain on the case.

Recently Brad Garlinghouse tweeted an FTX-related meme showing that DC comics superhero Batman slapping his protege Robin. “The world is (appropriately) outraged by SBF and FTX’s fraud, but when Wells Fargo mismanages billions in customer funds as well, it’s barely a blip on the radar,” Ripple CEO tweeted.

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