The eyes of the world are fixated on the SEC and Ripple Labs lawsuit. To this end, the latest development in the case is nothing short of a dramatic plot twist. Once again, the Securities and Exchange Commission has managed to keep the lawsuit going for longer with its latest appeal in court. Ripple Labs has been trying to win the case for more than a year now.
A new appeal submitted by the prosecution asked the court to grant the state agency more time to collect evidence. Magistrate Judge Sarah Netburn has accepted the request in lieu of additional discovery. However, SEC lawyers have decided to keep the details of the evidence collection confidential at present.
The legal analysis of the Ripple Labs case suggests that the crypto organization might choose to work on a remedy against the possible discovery damages. Meanwhile, some opinions claim that the latest move is an anxious retort by SEC. Furthermore, it seems that the state agency is also trying to gauge the extent to which Ripple Labs can counter the discovery narrative.
Already, Brad Garlinghouse and Chris Larson have penned down a letter addressing Judge Netburn to dismiss the motion. Ripple executive purported that SEC has no legal leg to stand on and has been dragging the case intentionally. Jeremy Hogan, a lawyer who has been monitoring the case since its start recently, claimed that the case would come to be over by November 18th at worst.
Ripple Labs is Busy Extending its Exposure in Other Countries
Ripple Labs is visibly trying to extend towards the Eastern markets to get away from the legal jurisdiction of the SEC. Recently, SEC was able to gain a visible advantage over the cryptocurrency organization by getting approval for a time extension dodging the objection by Ripple Labs. Despite the continuous attacks of state agency Ripple native token XRP is soaring.
In the last two weeks, XRP gained around 8%. At present, the token is touting a collective market cap of $42 billion with $0.87 per unit price. Some financial experts have hinted at XRP retaking $1. To increase the traction among the investors, Ripple recently announced that it would distribute 1 billion XRP tokens among the developers as a reward.