SEC Awarded More Time To Fight Order To Hand Over Sensitive Documents in XRP Lawsuit

The U.S. Securities and Exchange Commission (SEC) is receiving more time to fight an order to hand over certain documents in its lawsuit against Ripple, potentially delaying the outcome of the case.

In a new order, federal judge Sarah Netburn says the SEC has until February 17th to file a motion for reconsideration on a previous order directing the regulator to hand over drafts and emails relating to a 2018 speech from William Hinman, the former director of the SEC’s Division of Corporate Finance.

Ripple’s legal team will have until February 25th to file a response.

The SEC alleges that XRP was an unregistered security upon its launch and that it remains a security to this day.

Hinman, however, does not view all crypto assets as securities. He said in that 2018 speech that he doesn’t think Bitcoin (BTC) or Ethereum (ETH) are securities due to the decentralized structures of their networks.

Attorney and crypto legal expert Jeremy Hogan says in a new tweet that there is “no silver lining” to the ruling for Ripple.

“Now discovery won’t conclude until March at the earliest.”

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Featured Image: Shutterstock/Adrian Grosu


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