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HomeCrypto NewsMarketRipple Seeks Deadline Extension for Remedies Discovery Amid SEC's Victory

Ripple Seeks Deadline Extension for Remedies Discovery Amid SEC’s Victory

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Ripple has moved to extend the February 12 remedies discovery date by a week following the recent victory granted to the U.S. SEC.

Ripple Labs has submitted a motion requesting approval to extend the deadline for remedies-related discovery by one week.

The payment firm initiated this action through a court filing dated February 6 with the U.S. District Court of the Southern District of New York.

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Prominent Defense attorney James K. Filan called attention to this development in a recent post on X.

Why Ripple Wants a Deadline Extention

Recall that Ripple and the SEC had jointly submitted a letter to the U.S. court on November 9, 2023, proposing a schedule for remedy discovery on February 12, now just five days away.

However, through the 90-day window, Ripple and the SEC disputed the relevance of the post-complaint discovery. In particular, the SEC filed a motion to compel Ripple to furnish financial papers about its institutional XRP sales from 2022 to 2023. 

Meanwhile, Ripple had contested this move. It asserted that the SEC was endeavoring to trespass the scope of the original complaint. Yet, Judge Sarah Netburn on February 5 settled the dispute in favor of the SEC. 

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In the latest court filing, Ripple highlighted that the SEC’s victory occurred just one week before the close of discovery. Consequently, it requested the extension, as it would have only one week to provide responses to a substantial volume of documents covering the entire post-complaint period.

SEC Consents to Ripple Deadline Extension 

In particular, Ripple is seeking a new deadline of February 20, 2024. Ripple stated that a brief extension of eight days would provide it with adequate time to gather and produce the requested documents. 

Moreover, Ripple noted that the SEC agrees to its plea for an extension until the said date. Besides, the defendant mentioned that the SEC would not suffer unfair prejudice due to a one-week extension.

Notably, Ripple is not seeking alterations to any other deadlines in the case.

DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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Abdulkarim Abdulwahab
Abdulkarim Abdulwahabhttp://thecryptobasic.com
Abdulkarim Abdulwahab is a seasoned crypto journalist who has established himself as a trusted voice in the world of blockchain and Web3. His extensive knowledge of the crypto space enables him to break down complex concepts into accessible language.

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