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Ripple SEC XRP Lawsuit

XRP Lawsuit: SEC Requests Change To Remedies Briefing Deadlines

Jake Simmons
by Jake Simmons
1 year ago
·
Posted in XRP
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

In the ongoing XRP lawsuit between the US Securities and Exchange Commission (SEC) and Ripple Labs, Inc., the SEC has formally requested a modification to the current schedule for remedies-related briefing. The request, directed to Judge Analisa Torres of the Southern District of New York, seeks a one-week extension across several deadlines, citing “good cause” under Federal Rule of Civil Procedure 16(b)(4) for the requested adjustments.

XRP Lawsuit: SEC Seeks Deadline Extension

The SEC’s petition, submitted on February 27, 2024, outlines a proposed delay in the deadlines for filing all parties’ briefs related to the remedies phase of the case. Specifically, the SEC has requested that its deadline for filing the remedies-related opening brief be moved from March 13 to March 22, 2024.

Consequently, Ripple’s deadline to file its opposition brief would shift from April 12 to April 22, 2024, and the deadline for the SEC to submit its reply brief would extend from April 29 to May 6, 2024.

#XRPCommunity #SECGov v. #Ripple #XRP @SECGov has requested a change to the remedies briefing deadlines, asking that: (1) the @SECGov’s opening brief deadline be extended to March 22, 2024, (2) @Ripple’s deadline to file its opposition brief be extended to April 22, 2024, and (3)… pic.twitter.com/ZvCixNdLMm

— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) February 28, 2024

In the letter, Jorge G. Tenreiro, on behalf of the SEC, stated, “None of the parties has previously requested an extension of the remedies-related briefing schedule. Ripple consents to the SEC’s request.” This consensus between the parties underscores the collaborative aspect of navigating the procedural complexities of the case.

Related Reading: Crypto Exchange Reveals When The XRP Price Will Reach $500

The SEC justified its request by referring to a recent dispute over discovery’s scope, resolved only by February 5, 2024. As Bitcoinist reported, Ripple was ordered on this day to share financial statements to assess if post-lawsuit institutional XRP sales breached securities laws.

The SEC argues that this delay necessitates a one-week extension of the remedies-related discovery period. “Notwithstanding these efforts, a dispute between the parties as to the proper scope of discovery was not resolved until February 5, 2024,” Tenreiro explained, emphasizing the unforeseen delay’s impact on the briefing schedule.

Moreover, Tenreiro highlighted the SEC’s diligence and the mutual agreement between the parties as key factors supporting the request for extension, arguing that it allows for a more thorough review of the recently produced documents and the finalization of the briefing.

Related Reading: Beware Of Fake News: Ripple Isn’t Sued Again Over XRP Sales

“The SEC has been diligent in completing remedies-related discovery and briefing,” he noted, adding that “Ripple, who consents to the SEC’s request, would not be unfairly prejudiced by the SEC having nine additional days to file its opening brief.”

The SEC’s letter also clarifies that the trial’s imminence does not influence the request, given the absence of a pending trial in the remaining proceedings. This detail points to the procedural nature of the extension request, rather than any substantive delay in the resolution of the case itself.

In the XRP lawsuit, the “remedies” phase refers to potential actions or penalties imposed by the SEC as a consequence of alleged illegal activities by Ripple, particularly concerning the unregistered sale of XRP.

John Deaton, a pro-XRP lawyer, predicts that Ripple’s fine could be lower than its legal fees, potentially ranging from $10 million to $100 million. This stems from allegations that Ripple violated securities laws by selling $770 million worth of XRP.

At press time, XRP traded at $0.5795.

XRP price
XRP price got rejected at the 0.5 Fib, 1-day chart | Source: XRPUSD on TradingView.com
Featured image from Chainalysis, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Jake Simmons

Jake Simmons

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Jake Simmons has been a Bitcoin enthusiast since 2016. Ever since he heard about Bitcoin, he has been studying the topic every day and trying to share his knowledge with others. His goal is to contribute to Bitcoin's financial revolution, which will replace the fiat money system. Besides BTC and crypto, Jake studied Business Informatics at a university. After graduation in 2017, he has been working in the blockchain and crypto sector. You can follow Jake on Twitter at @realJakeSimmons.

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