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.
Prominent Defense attorney James K. Filan called attention to this development in a recent post on X.
#XRPCommunity #SECGov v. #Ripple #XRP @Ripple requests a one-week extension of the deadline for remedies-related discovery, from February 12, 2024 to February 20, 2024. pic.twitter.com/xjIZQuY7jQ
— James K. Filan ???? (@FilanLaw) February 6, 2024
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.Â
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.Â
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 ExtensionÂ
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.Â
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.
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