Ripple Case Resolution May Have to Wait: SEC Seeks Extension

The SEC requests a one-week extension for briefs on “remedial measures” in its ongoing lawsuit with Ripple Labs.

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  • The SEC has requested an extension for briefs on “remedial measures” in the Ripple lawsuit.
  • Resolving a discovery dispute has impacted the SEC’s ability to meet the original deadlines.
  • Ripple Labs has reportedly consented to the proposed extension.

The ongoing lawsuit between the Securities and Exchange Commission (SEC) and Ripple Labs Inc. has seen a recent development regarding the timeline for submitting briefs. The SEC has requested a one-week extension for each deadline related to filing briefs on “remedial measures” in the case.

SEC Seeks Brief Deadline Extension in Ripple Case

This development comes amidst the resolution of a dispute between the parties regarding the scope of discovery, which has impacted the timeline for completing these briefs. According to legal filings, the SEC is seeking to push back the deadline for its opening brief from March 13th to March 22nd, 2024. 

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Ripple Labs’ opposition brief deadline would shift from April 12th to April 22nd, with the reply brief deadline moving from April 29th to May 6th, 2024. The SEC argues that this extension is necessary due to “good cause” under Federal Rule of Civil Procedure 16(b)(4). 

They claim the recent resolution of the discovery dispute has impacted their ability and timeline to prepare the briefs as originally scheduled. Notably, Ripple Labs has reportedly consented to the proposed extension.

XRP Advocate Criticizes SEC’s Approach

The court has not yet decided on the SEC’s request. If granted, the extension would affect the timeline for submitting briefs related to potential remedies in the case, which is separate from the main trial. 

The lawsuit itself is still scheduled for a jury trial beginning on April 23rd, 2024. This development comes with ongoing criticism surrounding the SEC’s approach to the case. 

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John Deaton, an XRP advocate and lawyer, recently expressed dissatisfaction with the SEC’s policies, stating that he believes the agency lacks integrity. His comments highlight the broader conversation surrounding the SEC’s actions and their impact on the cryptocurrency industry.

On the Flipside

  • The extension only applies to briefs regarding “remedial measures,” not the main trial scheduled for April 23rd, 2024.
  • John Deaton’s opinion is just one perspective, and the court will ultimately decide on the SEC’s request based on legal arguments and evidence.

Why This Matters

While the SEC vs. Ripple lawsuit progresses toward trial, this delay in briefs on potential remedies underscores the uncertainty surrounding the legal status of XRP and potentially other cryptocurrencies facing regulatory scrutiny.

To learn more about the recent developments in the Ripple vs. SEC case, including key deadlines, read here:
Ripple vs. SEC Case Endgame: Key Dates

To learn more about the factors that could influence XRP’s future price, including analyst predictions, read here:
Here’s Why XRP’s $2 Dream Rests on Bitcoin’s Shoulders

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Kyle Calvert

Kyle Calvert is a cryptocurrency news reporter for DailyCoin, specializing in Ripple, stablecoins, as well as price and market analysis news. Before his current role, Kyle worked as a student researcher in the cryptocurrency industry, gaining an understanding of how digital currencies work, their potential uses, and their impact on the economy and society. He completed his Masters and Honors degrees in Blockchain Technology within Esports and Business and Event management within Esports at Staffordshire University.