Ripple Seeks Time Extension
Ripple has submitted a court filing asking for an extension of the deadline for additional financial disclosures in the ongoing XRP lawsuit. This comes after a ruling in favor of the SEC’s demand for access to Ripple’s financial records.
SEC’s Motion and Ripple’s Opposition
The SEC has filed a motion to compel Ripple to disclose its additional financial statements in 2022-2023 and contractual information related to “post-compliant institutional sales” of XRP. Ripple has opposed the SEC’s motion, deeming it “unnecessary” and “untimely.”
Request for Extension
In response, Ripple has requested a one-week extension of the deadline for financial statements to help decide remedies. The company has proposed shifting the deadline from February 12, 2024, to February 20, 2024, citing the need for additional time to gather and produce a significant volume of documents as per the SEC’s demands.
SEC Consents to Extension
The SEC has agreed to Ripple’s request for an extension, marking a rare instance of agreement between the two adversaries in this high-stakes legal battle. The ripple effects of SEC vs. Ripple Labs have raised questions about what can be finally called a ‘security’ or not, as the definition is not rigid and can be bent as per the facts and circumstances of the case.
Hot Take
The ongoing legal battle between Ripple and the SEC has significant implications for the classification of cryptocurrencies. The extension of the deadline for financial disclosures reflects the complexity and high stakes of the case. This agreement for an extension signifies a rare instance of accord between the two parties, highlighting the uncertainties surrounding the classification of digital assets. Overall, this development underscores the evolving nature of cryptocurrency regulation and its potential impact on the industry.
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