SEC Requests Deadline Extension in Ripple Lawsuit
The US Securities and Exchange Commission (SEC) has asked the court for an extension to the deadline for document preparation in its ongoing legal battle against Ripple (XRP). The SEC has stated that it needs more time to prepare crucial documents that are necessary for the trial’s proceedings.
Details of the Extension Request
- The SEC has requested a nine-day extension for filing its opening brief for the impending grand trial against Ripple, which is scheduled for April 23, 2024.
- The regulatory body has cited the ongoing document reviews as the reason for requesting an extension until March 22.
- The SEC has also proposed that Ripple’s opposition brief be filed by April 22.
- The SEC has argued for the extension based on “good cause” under Federal Rule of Civil Procedure 16(b)(4), emphasizing their diligence in completing remedies-related discovery and briefing.
Previous Extension and Ripple’s Response
Both the SEC and Ripple have previously requested deadline extensions in relation to the lawsuit. Judge Sarah Netburn approved Ripple’s request for an extra week for the initial discovery deadline. If the SEC’s latest extension request is approved, it will result in a shift of dates for Ripple’s opposition brief and the SEC’s reply brief to April 22 and May 6, respectively. Ripple has agreed to the request, while the SEC is awaiting the ruling from Judge Analisa Torres.
Implications of Extension Requests
The multiple extensions requested by both parties have further prolonged a lengthy legal battle that has been ongoing for over two years. The SEC’s regulatory actions in the case have faced criticism from industry experts and entities like the Chamber of Digital Commerce, who believe they are hindering innovation in the crypto community. Some individuals on social media platforms have labeled the extension requests as “delay tactics.”
Community Response
Ripple CEO Brad Garlinghouse has publicly expressed his disapproval of the SEC’s regulatory approach, specifically criticizing SEC Chair Gary Gensler and the Commission’s stance on digital assets. Legal experts, including lawyer Bill Morgan, have also voiced their disagreement with the SEC’s interpretation of digital assets as “investment contracts” and have called for a deeper understanding of the technology.
Hot Take: SEC Seeks More Time in Ripple Battle
The SEC has requested a deadline extension to prepare crucial documents for its legal battle against Ripple. This request comes after previous extension requests from both parties, prolonging the already lengthy lawsuit. The SEC argues that the extension is necessary due to ongoing document reviews, while critics view it as a delay tactic. Ripple has agreed to the request, and the community continues to closely follow the developments in this high-stakes case.
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