The US Securities and Exchange Commission (SEC) has requested the court for a deadline extension for document preparation in its ongoing legal tussle with Ripple (XRP).
SEC Needs More Time for Document Preparation
The SEC has requested a deadline extension for its impending grand trial against Ripple, which is set for April 23, 2024. The agency has highlighted the necessity for additional time to prepare crucial documents essential for the trial's proceedings.
In its recent communication, the SEC stated:
"The SEC respectfully seeks a nine-day extension to file its opening brief, to complete review of the recently produced documents and finalize remedies-related briefing."
Extension Request Details
The regulatory body is required to submit its remedies-related opening brief by March 13. However, due to ongoing document reviews, the SEC has requested an extension until March 22. Additionally, they proposed Ripple's opposition brief be filed by April 22.
According to the SEC's letter to Judge Analisa Torres of the Southern District of New York, they argued for the extension, citing "good cause" under Federal Rule of Civil Procedure 16(b)(4). The SEC emphasized their diligence in completing remedies-related discovery and briefing, hence justifying the need for an extension. The letter also asked if Ripple’s opposition brief could be filed by April 22.
Previous Extension and Ripple's Response
This request by the securities watchdog isn't the first time either party has requested a deadline extension related to the lawsuit. As mentioned in the SEC’s letter, on February 5, Judge Sarah Netburn approved an extension request by Ripple that gave the crypto firm an extra week for the initial discovery deadline.
Should the SEC's latest request gain approval, it will result in a shift of dates for Ripple's opposition brief and the SEC's reply brief, moving them to April 22 and May 6, respectively. Ripple has already signaled its agreement with the request, while the SEC awaits Judge Torres's ruling.
Implications of Extension Requests
These multiple extensions have already prolonged a lengthy legal battle, which has been unresolved for over two years. Despite criticisms from industry experts and entities like the Chamber of Digital Commerce, the SEC continues its regulatory actions, which many in the crypto community perceive as stifling innovation. The extension requests have not gone unnoticed by the crypto community, with some labeling them as "delay tactics" on social media platforms like X.com.
Community Response
Ripple CEO Brad Garlinghouse has been vocal about his disapproval of the SEC's regulatory approach, particularly criticizing SEC Chair Gary Gensler and the Commission's stance on digital assets. Legal experts, like lawyer Bill Morgan, have also argued against the SEC's interpretation of digital assets as "investment contracts," advocating for a deeper understanding.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
