Ripple seeks more time for SEC case compliance

9 months ago 5

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Ripple Labs has approached the U.S. District Court of the Southern District of New York with a plea to delay the remedies discovery deadline by a week. This plea is a direct consequence of a recent court ruling favoring the U.S. Securities and Exchange Commission (SEC) in the ongoing legal battle over Ripple’s XRP sales. The company’s request, lodged on February 6, aims to realign the compliance schedule in light of the court’s demand for detailed financial records spanning 2022 to 2023.

Court ruling puts pressure on Ripple’s compliance efforts

The motion to extend the deadline from February 12 to February 20, 2024, follows a pivotal decision by Judge Sarah Netburn on February 5, which mandates Ripple to furnish comprehensive financial documentation. Defense attorney James K. Filan has underscored the importance of this development, indicating its potential to influence the case’s direction significantly. Ripple contends that the timing of the SEC’s legal victory—just a week before the original discovery deadline—has unduly constrained their ability to gather and submit the required documents.

Ripple’s request for more time is framed as a necessary adjustment to meet the sudden and extensive documentation demands. The company maintains that the proposed one-week extension is crucial for ensuring complete and accurate compliance without affecting other scheduled case deadlines. The SEC’s acquiescence to this extension request reflects a shared recognition of the need for adequate preparation time, highlighting a cooperative approach to navigating the case’s complexities.

Ongoing Ripple-SEC saga enters new phase

This latest chapter in Ripple’s legal confrontation with the SEC stems from allegations of conducting unregistered securities offerings via XRP sales. The recent legal wrangling over document production underscores the intricate nature of the dispute. As Ripple seeks to adjust its strategy in response to the court’s demands, the legal community, investors, and the fintech sector await the implications of this motion and Ripple’s subsequent compliance efforts. The court’s forthcoming decisions will be critical in determining the path forward in this high-stakes legal battle.

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