Ripple Lawsuit: Judge Grants SEC Extension

March 5, 2024 2:24 pm Comments

Could this be bullish news for Ripple Labs and XRP?

ProCoin News previously reported that the Securities and Exchange Commission (SEC) filed a motion for a deadline extension in the remedies phase of the Ripple lawsuit.

Judge Torres has approved the SEC’s request, and the new deadline for the SEC’s opposing brief is now set for March 22, 2024. Ripple Labs will have the chance to respond to the SEC’s brief and must submit that response by April 22, 2024.

Following that, the SEC will have until May 6, 2024, to issue a final response.

The very fact that the SEC is requesting a deadline extension indicates that they may be grasping at straws and struggling to regain their footing in the ongoing case—a further indication that they are going to lose the lawsuit. Here’s what we currently know:

Coin Telegraph explained:

The lawsuit has seen numerous developments and legal battles over the years. One significant aspect is the discussion around the Howey test, which is used to determine whether a transaction qualifies as an “investment contract” under U.S. law. According to the SEC, XRP meets the conditions of the Howey test, while Ripple argues otherwise.

TOBTC presented a portion of the corresponding court documents confirming the SEC deadline extension by Judge Analisa Torres.

Crypto Intelligence provided more background context:

The case between the SEC and Ripple Labs has been a focal point of regulatory discussion since December 2020.

It was then that the SEC charged Ripple and its leading executives, CEO Brad Garlinghouse and co-founder Chris Larsen, with orchestrating a $1.3 billion unregistered securities offering via the sale of the XRP token.

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