Ripple to Judge Analisa Torres: SEC Delay Tactics Should Not Stall the Resolution of the Lawsuit

Ripple slams the SEC again for its constant delay tactics, as it begs the court to quickly resolve the issue surrounding Hinman’s documents. 

Leading blockchain company, Ripple, has expressed frustration over the SEC’s continuous efforts to delay the lawsuit from reaching a logical conclusion in earnest. 

Per Ripple, it had requested that the SEC provide Hinman’s documents since January 2021. However, the agency refused Ripple’s request, forcing the blockchain company to file a motion to compel the SEC to surrender the documents in August 2021. 

Despite the court ordering the SEC to provide the Hinman documents, the agency has continued to raise “new conflicting arguments and motions” to ensure Hinman’s draft emails are not used as evidence in the lawsuit. 

Ripple added that the issue surrounding Hinman’s document should have been concluded given that fact discovery ended 11 months ago and the parties are close to filing motions for summary judgment. 

“While the SEC has the right to seek review from your honor, that process should not delay resolution of this issue any more than necessary. The issues are well distilled and should be briefed and resolved efficiently and within the rules,” Ripple concluded. 

SEC Slammed for Delaying Ripple’s Lawsuit

This is not the first time the SEC has been slammed for adopting delay tactics to frustrate Ripple into a settlement in its favor. 

However, Ripple is not prepared to bow to any pressure, as it is dedicated to pursue the case to a logical conclusion. 

Brad Garlinghouse, Ripple CEO, recently disclosed that the blockchain company would spend up to $100 million in legal fees by the end of the lawsuit. 

Garlinghouse, who has always slammed the SEC for its preferred regulatory approach against crypto, said the Securities and Exchange Commission usually bullies smaller crypto companies into a settlement because they cannot afford to fight. 

However, Ripple would not bow to the SEC’s pressure and tactics as it will follow up the case until a final decision is made by the court. 

If the SEC wins the lawsuit against Ripple, the agency will not stop its clampdown on cryptocurrency projects. Interestingly, a win for Ripple could prompt policymakers to force the SEC to provide clearer regulation for the nascent industry. 

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