**Ripple Vs SEC Lawsuit: Judge Grants SEC’s Deadline Extension Request**
In a significant development in the ongoing legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC), the judge has signed an order relating to the SEC’s request to extend deadlines for remedies-related briefing, as well as opposition to briefing and reply.
**Court’s Verdict on SEC’s Deadline Extension Request**
The judge has granted the U.S. SEC’s motion to modify the deadlines for remedies-related briefing, Ripple’s opposition to brief, and the SEC’s reply to Ripple’s opposition, according to a court filing. This means that the deadlines for various submissions have been extended.
The SEC had requested an extension for filing its remedies-related opening brief from March 13 to March 22, 2024. Additionally, Ripple was given an extension for filing its opposition brief from April 12 to April 22, and the SEC was given an extension for filing its reply from April 29 to May 6.
The lawsuit has been extended by a week in order to give the SEC enough time to review remedies-related discovery documents submitted by Ripple. Previously, Magistrate Judge Netburn had granted Ripple’s request to delay remedies-related discovery requirements by a week, which included providing detailed financial statements and information about post-complaint XRP institutional sales.
Amidst speculation about a potential settlement between Ripple and the SEC, supporters of XRP (referred to as the “XRP army”) are confident that the lawsuit is nearing its end. It is worth noting that the SEC’s deadline coincides with the partial U.S. government shutdown deadline, with a bill sent to President Joe Biden in order to avoid a shutdown.
**Ripple Vs SEC Lawsuit Nears End**
The recent extension of deadlines until April aligns with the SEC’s final amendments to a rule on safeguarding advisory client assets in April 2024, as previously reported by CoinGape.
In response to the SEC’s arguments on investment contracts, pro-XRP lawyer Bill Morgan stated that there is a significant weakness in the SEC’s interpretation of investment contracts as applied to crypto assets. He argued that there is no limiting principle and no reason for an overly broad application of the Howey principles just because an asset class is different from any other before.
As a result of these developments, the price of XRP has experienced a surge of over 8% in the past 24 hours, with the current trading price at $0.63. The 24-hour low and high are $0.58 and $0.64, respectively. It is important to note that the trading volume has also increased significantly in recent days, coinciding with a broader rally in the crypto market.
**Hot Take: Ripple Vs SEC Lawsuit Nears Resolution**
The ongoing legal battle between Ripple Labs and the U.S. SEC seems to be nearing its end as the judge grants the SEC’s request for deadline extensions. This development allows both parties to submit their respective briefs and replies within revised timelines.
The decision to extend the deadlines indicates that the court recognizes the need for sufficient time for the SEC to review relevant documents provided by Ripple. It also suggests that there may be progress towards a potential settlement between Ripple and the SEC, as speculated by supporters of XRP.
However, it is worth noting that this extension coincides with a deadline related to a potential partial U.S. government shutdown, adding another layer of complexity to the situation.
In response to the SEC’s arguments on investment contracts, pro-XRP lawyer Bill Morgan highlights what he perceives as weaknesses in the SEC’s interpretation. He argues that there should be clear limitations and principles applied when assessing crypto assets under investment contract guidelines.
The market has responded positively to these developments, with XRP experiencing a notable increase in price and trading volume. This surge aligns with a broader rally in the crypto market, suggesting that investors are optimistic about the resolution of the Ripple Vs SEC lawsuit.
Overall, while the extension of deadlines may prolong the legal proceedings, it also indicates progress towards a potential resolution. The coming weeks will be crucial in determining the outcome of this high-profile case and its impact on the future of Ripple and XRP.
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