You, the Crypto Enthusiast, Decrypt SECโs Request for Extension in Ongoing Ripple Lawsuit
Former U.S. federal prosecutor James K. Filan reported on the SECโs recent request to Judge Analisa Torres of the Southern District of New York. The request was for an extension of deadlines related to the remedies phase in the ongoing lawsuit against Ripple Labs, Inc.
SEC Seeks 1-Week Extension
- The SEC has requested an extension to move the filing deadline for the remedies-related opening brief from March 13 to March 22, 2024.
- If granted, Rippleโs deadline to submit its opposition brief would shift from April 12 to April 22, 2024.
- The SECโs deadline to file its reply brief would extend from April 29 to May 6, 2024, if the extension is approved.
- Ripple has consented to this request, highlighting a collaborative effort between the parties involved.
Reason Behind the Extension
The SECโs extension request was justified in light of a recent dispute over the discovery process, which was resolved on February 5, 2024. The dispute involved Ripple being instructed to share financial statements to evaluate potential breaches of securities laws related to institutional XRP sales post-lawsuit. The SEC cited a delay in the discovery process as the reason for needing more time to gather information about potential remedies.
Jorge G. Tenreiro, representing the SEC, emphasized that both parties recognize the need for additional time. This extra time will be utilized to thoroughly review recently acquired documents and complete the briefing process comprehensively.
Court Ruling Pending
As of now, the court has not made a decision on the SECโs extension request. If approved, it would impact the schedule for filing briefs concerning potential remedies in the case. The lawsuit is currently scheduled for a jury trial beginning on April 23rd, 2024.
XRP Price Analysis
Currently, XRP is trading at $0.58, showing a 5.09% increase in the last 24 hours, suggesting a potential bullish trend. The weekly Relative Strength Index (RSI) displays an inverted head and shoulders reversal pattern. If the RSI moves above 50 points, it could lead to further upward momentum, with a target of hitting $0.60 in the near future.
Hot Take: Stay Tuned for Updates on the Ongoing Ripple Lawsuit
As a crypto enthusiast, you should keep an eye on developments related to the SECโs request for an extension in the Ripple lawsuit. The legal proceedings and potential outcomes could have a significant impact on the crypto market and XRPโs future trajectory. Stay informed and stay prepared for any surprises that may arise in this high-stakes legal battle.
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