Latest Update in Ripple Vs SEC: SEC Wants to Delay Lawsuit’s Resolution

The U.S. Securities and Exchange Commission (SEC) has submitted a motion seeking to extend the deadline for the remedies-related briefing. 

According to a letter shared by famous crypto lawyer James K. Filan, the SEC asked the court to modify the pending deadline of the remedies briefing, thus resulting in a one-week extension for the completion of the remedies-related briefing. 

New Proposed Deadlines 

Per the letter submitted on February 27, the SEC requested that the date for the filing of its opening brief be extended by nine days, from the initial deadline of March 13 to March 22, 2024. 

The SEC claimed that the nine-day extension would allow it to thoroughly review Ripple’s financial records and finalize its remedies-related briefing. 

Notably, the SEC emphasized that Ripple will not be unfairly prejudiced in its deadline extension request. This is because it also asked the court to extend the deadline for Ripple to file its remedies-related opposition by 10 days to April 22 from April 12, 2024. 

Additionally, the SEC requests a modification to the deadline for submitting its reply brief from April 29, 2024, to May 6, 2024. 

Ripple Consents  

Explaining why its request should be granted, the SEC noted that Ripple consents to its plea for a time extension. It also pointed out that neither party had asked the court to extend the remedies-related briefing schedule. 

According to the SEC, there is a good cause to grant the deadline extension request. First, the commission argued that it has diligently completed all remedies-related discovery and briefing. 

It also revealed that the parties were only able to resolve the dispute regarding the proper scope of the remedies by February 5, 2024. 

The development marks the second time one of the parties has requested a deadline extension in the remedies phase of the lawsuit.

Recall that based on Ripple’s request, the court extended the deadline for completing the remedies-related discovery to February 20, 2024, from the initially scheduled February 12, 2024. It remains to be seen whether the court will extend the remedies briefing deadline based on the SEC’s request. 

A Plot to Make XRP Miss Out in Bull Run?

As expected, XRP community members have taken to the comment section to express their frustration over the recent development. 

Some investors accused the SEC of employing delay tactics to ensure XRP misses out in the upcoming bull run. 

Need to guarantee Xrp misses the bull run 🤷‍♂️

— Steve 🛒 F (@Steveful22) February 28, 2024

For context, the next bull run is expected to take full force following the Bitcoin halving event in mid-April. The legal tussle prevented XRP from participating in the last bull market.

Data from CoinMarketCap shows that XRP price plummeted heavily at a time when other crypto assets were recording new all-time highs (ATH). 

It remains unclear whether the remedies phase of the litigation will affect XRP’s performance in the upcoming bull run.