The Securities and Exchange Commission (SEC) has been using some tactics to delay the process in the lawsuit against Ripple. Interestingly, the court has rejected SEC’s this policy to slow down the procedure. In a one-word order, District Judge Torres ‘DENIED’ the SEC’s motion to File a Sur Sur-Reply in Support of its Motion to Strike. This move has sent positive vibes to the XRP community.
SEC’s Motion To File Sur Sur-Reply, DENIED
The lawsuit against Ripple has seen SEC using delay tactics to slow down proceedings and bringing up some confusing arguments to support it.
#XRPCommunity #SECGov v. #Ripple #XRP BREAKING: In a one-word order, District Judge Torres has DENIED the SEC’s Motion to File a Sur Sur-Reply in Support of its Motion to Strike. pic.twitter.com/qgdfxEYtok
— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) February 23, 2022
SEC’s requested the court to consider the Sur-sur-reply so that the agency can present highly relevant recent authority that directly refutes Ripple’s arguments in its Sur-Reply. It added the grant of permission to respond to Ripple’s arguments made for the first time in its Sur-Reply.
According to the documents, Ripple lawyers in the first Sur-Reply mentioned that this is the very first case in which the agency has ever brought an enforcement action against a company or its individual executives overselling an established digital asset.
To which SEC in its Sur-Sur-Reply brought up the Motion to Strike, citing SEC vs LBRY decision in which New Hampshire federal judge granted judgment on the pleadings on an unrelated selective enforcement defense.
Is SEC trying to delay the verdict?
This is for sure that Judge Analisa Torres has also got sick with the SEC’s contradicting arguments and notices. One day SEC asks the court to consider Hinman’s speech as ‘his personal view’ on the other day the commission files the notice to reconsider the speeches as a ‘public guidance’.
It is being believed that failure to attach a date and signature to the application was just another ploy to delay the lawsuit further. The case filed by the SEC against Ripple has already much delay. It has been dragged for months while XRP holders have seen some of the unfavorable price movement of the coin.
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