There is bad news for Ripple (XRP) holders. A protracted court hearing of the SEC vs Ripple case could be extended for an even longer period of time. If the parties do not reach a consensus earlier, the hearing could last until early 2022.
The Securities and Exchange Commission’s request to extend the facts discovery period for the Ripple case has been granted an approval by Judge Sarah Netburn. Earlier, the SEC sought for a 60 day extension, stating that it would be more fair and efficient. Owing to the court's decision, the preliminary investigation and evidence collection can now last until August 31, 2021. Then, evidence gathered will be reviewed by experts until October 15. If the parties fail to settle the dispute through the pre-trial hearing, the legal issue is likely to be resolved no earlier than in early 2022.
It all could be the beginning of the end for Ripple. The company has previously asked the judge to take into account the fact that any delays in the litigation pose a real threat to its business in the United States. In particular, the On-Demand Liquidity (ODL) service for cross-border payments cannot operate efficiently in the US as cryptocurrency exchanges remove XRP from their platforms or halt all trading related to the token.
Notably, Ripple developers’ rhetoric raises many questions as they are currently searching for documents on many international exchanges, including Bitstamp and OKEx. The company intends to prove that it was involved in illegal trading activities outside the US. In other words, Ripple admits that it operated unlawfully but outside the US.
