Ripple Vs SEC: Judge Announces Order Concerning US SEC’s Deadline Extension
Highlights
- Judge signs order related to the SEC's motion to extend deadline for remedies-related briefing
- Ripple's to file its opposition brief on April 22 and the SEC to file its reply by May 6
- Lawyer Bill Morgan says there's is great weakness in the SEC’s interpretation of investment contracts when applied to crypto
Ripple Vs SEC Lawsuit: In a significant development in the ongoing tussle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC), the judge signs order relating to the SEC’s request to extend deadlines for remedies-related briefing, as well as opposition to briefing and reply.
Court’s Verdict on SEC’s Deadline Extension Request
The judge has granted the U.S. SEC’s motion to modify the deadlines for remedies-related briefing, Ripple’s opposition to brief, and the SEC’s reply to Ripple’s opposition, a court filing shows.
The SEC requested Judge Analisa Torres to extend the deadline for filing its remedies-related opening brief from March 13 to March 22, 2024. Also, an extension of the deadline for Ripple to file its opposition brief from April 12 to April 22 and the deadline for the SEC to file its reply from April 29 to May 6.
The lawsuit is extended by a week granting the SEC enough time to review remedies-related discovery documents submitted by Ripple. Magistrate Judge Netburn earlier granted Ripple’s request to delay remedies-related discovery requirements by a week, which included detailed financial statements and post-complaint XRP institutional sales.
Amid talks about a potential settlement between Ripple and the SEC, the XRP army is confident that the lawsuit is almost over. Meanwhile, the SEC’s deadline coincides with the partial U.S. government shutdown deadline, with bill sent to President Joe Biden to avoid shutdown.
Also Read: Bitcoin ETFs Saw $1.7B Net Inflow Last Week, Bloomberg Analyst Hints At Fall
Ripple Vs SEC Lawsuit Nears End
As CoinGape reported earlier the extension of deadlines to April coincides with the SEC’s final amendments to rule on safeguarding advisory client assets in April 2024.
Reacting to the SEC’s arguments on investment contracts, pro-XRP lawyer Bill Morgan said “The great weakness in the SEC’s interpretation of investment contracts as applied to crypto assets. There is no limiting principle.” He added that there is no reason for an absurdly convoluted and broad stretch of the Howey principles just because an asset class is different from any other before.
XRP price jumped over 8% in the past 24 hours, with the price currently trading at $0.63. The 24-hour low and high are $0.58 and $0.64, respectively. However, the trading volume has increased significantly in the last few days amid a broader crypto market rally.
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