The case between Ripple and the SEC will be pushed back by a month due to the increase in the Omicron variant of the Coronavirus in the US. This was revealed in a tweet by Eleanor Terrett, a prominent journalist at Fox Business.
Eleanor tweeted, “The deadline for expert detection in the case of Ripple and the SEC will be pushed back by a month due to the rapid spread of the Omicron variant. A source close to the case said @FoxBusiness a letter stating this new motion will be filed with the court as early as tomorrow. “
SCOOP: The deadline for expert detection in the case of Ripple and the SEC will be pushed back by a month due to the rapid spread of the Omicron variant. A source close to the case said @FoxBusiness a letter stating this new petition will be filed with the court as early as tomorrow. #XRP
– Eleanor Terrett (@EleanorTerrett) January 12, 2022
SEC case vs Ripple
Before going into the details, it is imperative to know what exactly is the case between Ripple and the SEC. The SEC filed a lawsuit on December 22, 2020, against Ripple Labs and two of its executives. The SEC alleges that Tipple traded $1.3 billion in their XRP cryptocurrency for security without registering with the SEC. Ripple and other parties have since rebutted claims that the SEC was biased in its assessment.
Most of the companies that have faced the wrath of the SEC often comply with the requirements and continue to compromise. However, Ripple did not take the matter lightly and decided to bring the case to a logical conclusion.
Ripple’s accusations
Ripple accuses the SEC of bias and applying the definition of “security” to virtual currencies. If this is proven true, it would reduce the authority of the committee, not to mention its credibility in its case.
Under SEC regulations, securities must be registered with a commission and specific financial statements must be publicly disclosed. The goal is to deny fraud and protect investors’ shares.