Is The SEC Digging Its Own Grave? This Is What You Can Expect On January 19th!

The post Is The SEC Digging Its Own Grave? This Is What You Can Expect On January 19th! appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide

The legal fray betwixt the SEC and Ripple has been taking bizarre twists. The erroneous allegations made by the SEC are infamous amongst masses familiar to the crypto world. The verdict now could be delayed as the plaintiffs and the defendants have jointly seeked request from the tribunal. For an extension to the expert discovery deadline.

Meanwhile, the SEC now argues that it has not officially declared Bitcoin and Ethereum to be compliant. The statement made by the SEC has left the crypto town in aghast. On the contrary, Empower Oversight sues SEC for access to FOIA documents.

Will The SEC Pay For Its Deeds? 

  The plaintiffs and the defendants of the lawsuit against Ripple have jointly filed a motion. To extend the deadline by three working days to take the final expert deposition. Currently the expert discovery is scheduled on the 14th of January 2022. The extension by three working days would take it to the 19th of January 2022.

Consecutively, the parties have disclosed a total of 16 expert witnesses. The deposition for 15 of those 16 experts have been either completed or scheduled for January 14th. The parties have requested an extension, due to conflicts in the schedules of various experts and of the council responsible for those depositions. 

In addition, the SEC claims all the withheld documents to be in connection to its decision making process. And that the DPP protects them from disclosure. On the other hand, the SEC is now arguing it has not officially declared Bitcoin and Ethereum to be compliant cryptocurrencies. According to the testimony in the SEC versus Ripple tussle, which has left the space in aghast.

Is Ripple Not The Only One To Be Troubled By The SEC?

  Empower Oversight sues SEC for access to several Freedom Of Information Act (FOIA) documents, in the midst of crypto conflicts. The press release cites that, the lawsuit filed against the SEC. Seeking to compel the regulating body to comply with several FOIA requests regarding potential conflicts of interests. By former high-level officials and their regulation of cryptocurrencies.

The firm had previously submitted a detailed FOIA request to the SEC seeking any communication regarding cryptos. The SEC has failed to comply with 6 out of 8 categories of documents in request. The SEC claimed that searches for the 2 of the 8 categories yielded no records relating to the communications between the officials. While the remaining 6 requests go unanswered. 

Wherefore, Empower Oversight has filed a complaint against the SEC in the U.S District Court for the Eastern District of Virginia. To compel the SEC to comply with the other 6 categories of the FOIA requests. 

Collectively, the SEC being adamant with its irrational stance has been causing distress to the industry and the technological innovations. XRP as a digital asset has taken the wrath of the repercussions prevailing from the lawsuit. Hopefully, the legal tussle subsides in the first quarter of 2022. And the crypto space should be vigilant with the moves from the SEC.