The Securities and Exchange Commission (SEC) has petitioned for deadline extensions in the ongoing legal battle against Ripple Labs, Inc., citing recent developments in the case. Former US federal prosecutor James K. Filan confirms that the SEC has requested adjustments to the briefing schedule concerning “remedial measures” in the lawsuit. The request awaits a ruling from Judge Analisa Torres of the Southern District of New York.
Deadline extensions sought
In a move that could potentially alter the case’s trajectory, the SEC has sought extensions for multiple deadlines related to filing briefs on “remedial measures.” These adjustments include pushing the opening brief deadline from March 13th to March 22nd, extending the opposition brief deadline from April 12th to April 22nd, and shifting the reply brief deadline from April 29th to May 6th, 2024.
The SEC argues that “good cause” under Federal Rule of Civil Procedure 16(b)(4) justifies these deadline extensions. This rationale stems from the recent discovery dispute resolution between the parties involved, which impacted the SEC’s ability to prepare the briefs within the initial timeline. Ripple Labs reportedly, has consented to the SEC’s extension request.
Court decision pending
While the SEC awaits a ruling on its request from Judge Analisa Torres, the shift in the briefing timeline could have significant implications for the case. If granted, the extended deadlines would alter the schedule for submitting briefs on potential remedies, consequently affecting the trajectory of the lawsuit. The lawsuit is slated for a jury trial on April 23rd, 2024.
In a separate development, prominent XRP advocate and lawyer John Deaton has voiced his discontent with the SEC’s policies. Deaton, known for his vocal stance on regulatory matters concerning Ripple and XRP, recently criticized the SEC, alleging a lack of integrity rather than incompetence. His remarks have sparked discussions within the cryptocurrency community, drawing attention to the ongoing legal saga between Ripple Labs and the SEC.
Implications of Deaton’s comments
Deaton’s critique of the SEC underscores the contentious nature of the regulatory scrutiny faced by Ripple Labs. As a fervent advocate for XRP investors, his remarks resonate with a segment of the cryptocurrency community dissatisfied with the SEC’s handling of the case. While the legal proceedings unfold, Deaton’s commentary adds another layer to the ongoing discourse surrounding Ripple’s regulatory challenges.
