Ripple Pleas for Extension as the SEC Get a Favorable Ruling

Ripple requests one-week extension in SEC lawsuit, citing dispute over broad post-complaint discovery demands.

Brad Garlinghouse asking the judge for a favour.
Created by Kornelija Poderskytė from DailyCoin
  • Ripple has sought an 8-day delay in response to an SEC document demand, citing a dispute over relevance.
  • Ripple has argued that they need more time to gather the requested information. 
  • The previous 90-day discovery extension has included the option for Ripple to seek further time if needed.

The legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC) continues to unfold, with Ripple requesting a one-week extension for remedies-related discovery. This development adds another layer to the ongoing case which hinges on whether XRP, Ripple’s digital asset, qualifies as a security.

Ripple Seeks Discovery Relief

Ripple filed the extension request with the court on February 6, seeking to push the deadline from February 12 to February 20. The request cites a dispute with the SEC over the relevance of post-complaint discovery, which the court recently ruled in favor of the SEC on February 5.

With the discovery period nearing its end, Ripple argues that the remaining time is insufficient to gather the requested information. The SEC’s discovery request encompasses many documents spanning the entire post-complaint period. Ripple believes an additional eight days are necessary to collect and produce the relevant materials properly.

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This request isn’t entirely unexpected, considering the prior agreement reached between both parties. In November 2023, Ripple and the SEC jointly proposed a 90-day deadline for remedies discovery, with the understanding that Ripple could seek an extension if disputes arose regarding the specific discovery requests.

Court Considers Next Move in SEC Saga

Ripple’s legal team emphasizes their commitment to meeting deadlines throughout the case. They point out that Ripple has promptly responded to the SEC’s discovery requests and that both parties have actively engaged in discussions to resolve any disagreements, even during the holiday season.

The court will now consider Ripple’s request, considering the various factors outlined in the filing. This development highlights the complexities of the ongoing legal battle, with each side maneuvering strategically to secure a favorable outcome. The final decision on the extension request could have significant implications for the case’s timeline and its ultimate resolution.

On the Flipside

  • The SEC’s earlier victory granting them access to post-complaint data could give them an information advantage, potentially influencing the court’s perception of Ripple’s actions.
  • While Ripple acknowledges the court’s February 5 ruling, they argue the SEC’s request for post-complaint documents is excessive and irrelevant to the core issue of XRP’s classification.

Why This Matters

While seemingly procedural, Ripple’s request for an extension in the SEC lawsuit reflects the case’s intricacies, with each side meticulously contesting discovery demands. This tug-of-war impacts Ripple’s fate and potentially sets a precedent for future crypto regulations, making it crucial for the broader crypto market to watch closely.

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If you’re curious to know more about XRP’s bullish signs and what the monthly chart reveals, check out this article:
Ripple’s XRP Eyes $1 as Monthly Chart Reveals Bullish Signs

Want to know how the SEC vs Ripple case nearing the remedies phase could impact XRP? This article dives into it:
SEC vs. Ripple Case Nears Remedies Phase: How It Impacts XRP

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.