SEC Requests Deadline Extension in Ripple Lawsuit
The United States Securities and Exchange Commission (SEC) has requested an extension of several deadlines in the ongoing legal battle with blockchain company Ripple. The requested changes include extending the agency’s opening brief deadline to March 22, 2024, Ripple’s deadline for its opposition brief to April 22, 2024, and the SEC’s deadline to file its reply brief to May 6, 2024.
The SEC has cited “good cause” under the Federal Rule of Civil Procedure as the reason for its extension request. The regulatory watchdog’s legal team emphasized their diligence in completing remedies-related discovery and briefing. Additionally, Ripple has consented to the SEC’s request, giving it nine additional days to file its opening brief.
This extension request comes as the crypto industry awaits the final decision on the reparations that Ripple must pay over its institutional sales of XRP. In July 2023, Judge Analisa Torres ruled that Ripple’s retail trades did not constitute securities sales, unlike sales to institutional buyers.
Earlier in February, Judge Sarah Netburn approved the SEC’s motion to compel Ripple to provide its financial records, including its 2022-2023 books and details of proceeds and contracts related to institutional XRP sales after the SEC’s complaint.
At present, XRP is trading at $0.591, reflecting a daily increase of 6.56%, a weekly gain of 7.68%, and a monthly advance of 13.09%.
Reasoning Behind SEC’s Extension Request
The SEC is seeking an extension of deadlines in the Ripple lawsuit based on “good cause” under the Federal Rule of Civil Procedure. The regulatory watchdog’s legal team has highlighted their diligence in completing remedies-related discovery and briefing as the primary reason for the request. They have also mentioned that Ripple has consented to the extension, which allows the company nine additional days to file its opening brief.
Background of the Ripple Lawsuit
- Judge Analisa Torres ruled in July 2023 that Ripple’s retail trades did not constitute securities sales, unlike sales to institutional buyers.
- Ripple is facing reparations for its institutional sales of XRP.
- The SEC has requested Ripple to provide its financial records, including books from 2022-2023 and details of proceeds and contracts related to institutional XRP sales after the SEC’s complaint.
Impact on XRP Price
As of February 28, XRP is trading at $0.591. The cryptocurrency has experienced a daily increase of 6.56%, a weekly gain of 7.68%, and a monthly advance of 13.09%.
Hot Take: Ripple Lawsuit Extension Requested by SEC
The SEC’s request for an extension in the Ripple lawsuit showcases their commitment to completing remedies-related discovery and briefing. This request, if granted, would give both parties more time to prepare their briefs and arguments. It remains to be seen how this extension will impact the final decision on the reparations that Ripple must pay over its institutional sales of XRP. Crypto enthusiasts are eagerly awaiting the judge’s ruling in this high-profile case, as it could have significant implications for the broader crypto industry.
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