XRP Lawsuit Update : Ripple Seeks Extension Until February 20th for SEC’s Demand on Financial Disclosure

The post XRP Lawsuit Update : Ripple Seeks Extension Until February 20th for SEC’s Demand on Financial Disclosure appeared first on Coinpedia Fintech News

In the latest update of the XRP lawsuit, Ripple today has submitted a court filing seeking an extension of the deadline for additional financial disclosures. This move follows a significant ruling passed yesterday by U.S. District Judge Analisa Torres and Judge Netburn who favored the SEC’s demand for access to Ripple’s financial records.

Ripple’s Filing For Time Extension

The SEC has previously filed a motion to compel Ripple to disclose its additional financial statements in 2022-2023 and contractual information relating to “post-compliant institutional sales” of XRP. Ripple opposed the SEC’s motion, naming it “unnecessary” and “untimely”.

As per the Feb 5 Court ruling passed by Judge Netburn, the court has weighed in with the SEC; thereby, Ripple now has to disclose additional financial information as demanded by the SEC by 12th February 2024.

However, on February 6, in its court filing addressed to Judge Torres, Ripple formally requested a one-week extension of the deadline for financial statements to help decide remedies.

Ripple Labs Inc. has requested shifting the deadline from February 12, 2024, to February 20, 2024, reasoning that Ripple needs additional time to gather and produce a significant volume of documents, as per the SEC’s demands.

The filing states, “Absent a brief extension of the current deadline, Ripple would have just one week in which to produce responses to discovery requests that seek a large volume of documents and cover the entire post-complaint period.”

Remarkably, the SEC has consented to Ripple’s request for the extension, marking a rare instance of agreement between the two adversaries in this high-stakes legal battle.

The ripple effects of SEC vs Ripple Labs have raised questions about what can be finally called a ‘security’ or not, because as previously once said by the Judge in the Binance vs SEC case, the definition is not rigid, and can be bent as per the facts and circumstances of the case.