US SEC Seeks More Time in Ripple Lawsuit
The US Securities and Exchange Commission (SEC) has filed a motion requesting an extension of the deadlines in the Ripple lawsuit. The SEC wants more time for remedies-related briefing, including Ripple’s opposition to brief and the SEC’s reply brief.
The specific requests are as follows:
- Extension of deadline for filing the SEC’s remedies-related opening brief from March 13 to March 22, 2024.
- Extension of deadline for Ripple to file its opposition brief from April 12 to April 22.
- Extension of deadline for the SEC to file its reply from April 29 to May 6.
The SEC argues that there is “good cause” to grant this extension due to the need for proper review of remedies-related discovery documents and briefing. The SEC also believes that granting the extension would not unfairly prejudice Ripple.
In support of its argument, the SEC points out that Magistrate Judge Netburn has already granted Ripple’s request to delay remedies-related discovery requirements by a week. This includes the submission of detailed financial statements and information on post-complaint XRP institutional sales.
What Does This Mean for the XRP Community?
The request for an extension has sparked speculation about possible settlement negotiations between Ripple and the SEC. The fact that the deadlines now coincide with the SEC’s final amendments to a rule on safeguarding advisory client assets in April 2024 adds fuel to these speculations.
Furthermore, important financial details related to Ripple’s XRP sales will remain undisclosed until the SEC files its remedies brief. This means that the XRP community will have to wait longer for crucial information that could impact global crypto market sentiment.
A pro-XRP lawyer named Bill Morgan has reacted to the SEC’s request for an extension. He is set to give a keynote speech at the Wave of Innovation XRP 2024 Gold Coast Conference, along with fellow pro-XRP lawyer John Deaton.
In response to these developments, the price of XRP has seen a 4% increase in the past 24 hours. It is currently trading at $0.57, with a 24-hour low and high of $0.55 and $0.59, respectively. The trading volume has also gone up by 70%, indicating growing interest among traders.
Hot Take: Ripple Lawsuit Delays Fuel Speculation
The recent request by the SEC for an extension in the Ripple lawsuit has created more uncertainty and speculation in the crypto community. Here are some key takeaways:
- The SEC is seeking more time for remedies-related briefing, including Ripple’s opposition brief and its own reply brief.
- This extension request has led to speculation about possible settlement negotiations between Ripple and the SEC.
- The deadlines now coincide with the SEC’s final amendments to a rule on safeguarding advisory client assets in April 2024, adding to the speculation.
- The delay in disclosing important financial details related to Ripple’s XRP sales has left the XRP community waiting for crucial information that could impact market sentiment.
- A pro-XRP lawyer named Bill Morgan will be speaking at an upcoming conference, where he is expected to address these developments.
- The price of XRP has seen a 4% increase in the past 24 hours, indicating growing interest among traders.
Overall, these delays in the Ripple lawsuit have created uncertainty and speculation within the crypto community. It remains to be seen how this case will ultimately unfold and what impact it will have on Ripple and the XRP community.
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