SEC Files NEW Motion In Ripple Lawsuit, Requests Extension

By Vince • February 28, 2024 7:13 pm • Comments

The Securities and Exchange Commission (SEC) has filed a motion with the court to request a deadline extension for the remedies phase of the Ripple lawsuit.

If the SEC is successful in its bid to petition the court for a deadline extension then the remedies deadline will be extended to April 22, 2024, but it is unclear if the SEC’s request will be granted.

Speculators took it as a bullish sign that the SEC is requesting a deadline extension in the ongoing Ripple lawsuit.

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ProCoin News recently reported that some analysts believe that the lawsuit may not conclude until next year—this is already assuming no deadline extensions or further complications.

Additionally, a settlement is largely seen as next to impossible, and many analysts also believe that the SEC is almost certain to appeal the verdict if the ruling does not go its way. Here’s what everyone is saying:

Coin Edition reports:

The SEC argues that this extension is necessary due to “good cause” under Federal Rule of Civil Procedure 16(b)(4). They claim the recent resolution of the discovery dispute impacted their ability and timeline to prepare the briefs on schedule. Ripple Labs has reportedly consented to this extension request.

Pro-XRP attorney James K. Filan presented the corresponding court documents and dissected the contents: “The SEC has requested a change to the remedies briefing deadlines, asking that: (1) the SEC’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) the SEC’s deadline to file its reply brief be extended to May 6, 2024.”

Cryptopolitan explained:

While the SEC awaits a ruling on its request from Judge Analisa Torres, the shift in the briefing timeline could have significant implications for the case.

If granted, the extended deadlines would alter the schedule for submitting briefs on potential remedies, consequently affecting the trajectory of the lawsuit. The lawsuit is slated for a jury trial on April 23rd, 2024.

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