XRP Lawsuit: US SEC Request Judge Torres to Extend Remedies Briefing Deadlines in Ripple Case
Highlights
- The U.S. SEC requests Judge Analisa Torres to modify the deadlines for remedies-related briefing.
- SEC claims "good cause” exists to grant this brief extension for properly reviewing remedies-related discovery documents and briefing.
- XRP price jumps over 4% in response to whale activity
Following Ripple’s completion of all remedies-related discovery requirements, the U.S. Securities and Exchange Commission (SEC) has filed for extension of deadline for remedies-related briefing. This makes the XRP community wait longer for XRP details, while sparking speculations of settlement negotiations between Ripple and the SEC.
US SEC Seeks Extension of Deadline in Ripple Lawsuit
The U.S. SEC requests Judge Analisa Torres to modify the deadlines for remedies-related briefing, Ripple’s opposition to brief, and the SEC’s reply brief, according to a motion filed on February 27.
The SEC seeks the court to approve extension of deadline for filing its remedies-related opening brief from March 13 to March 22, 2024. Also, extension of 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 SEC claims “good cause” exists to grant this brief extension for properly reviewing remedies-related discovery documents and briefing. Plaintiff also added that Ripple would have additional time to file an opposition brief, with no unfair prejudice against Ripple.
Moreover, the SEC cites Magistrate Judge Netburn granted Ripple’s request to delay remedies-related discovery requirements by a week, which included detailed financial statements and post-complaint XRP institutional sales.
Also Read: Bitcoin ETFs Clock $2 Billion Trading Volume for Second Day, BlackRock Sets New Records
Is Extension Good or Bad for the XRP Community?
Speculation over settlement grows amid delays and reports claiming settlement negotiations between Ripple and the SEC. In addition, the extension of deadlines to April coincide with the SEC’s final amendments to rule on safeguarding advisory client assets in April 2024.
Moreover, as CoinGape earlier reported, crucial financial details related to Ripple’s XRP sales and others will remain withheld until SEC remedies brief. The XRP army will now have to wait a little longer for these details that are crucial for global crypto market sentiment.
Bill Morgan, a pro-XRP lawyer, reacted to the SEC’s request to extend deadline which coincides with the Wave Of Innovation XRP 2024 Gold Coast Conference where he and pro-XRP lawyer John Deaton give keynote speeches.
XRP price jumped over 5% in the past 24 hours, with the price currently trading at $0.59. The 24-hour low and high are $0.55 and $0.59, respectively. However, the trading volume has increased by 70% in the last 24 hours, indicating a rise in interest among traders.
Also Read: Ethereum (ETH) Price Maintains Highest Profit/Loss Ratio Among All Cryptos, What’s Next?
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