SEC Seeks Deadline Extensions in Ripple Lawsuit
Former US federal prosecutor James K. Filan reports that the Securities and Exchange Commission (SEC) has petitioned Judge Analisa Torres of the Southern District of New York to adjust the deadlines for filing briefs in the ongoing legal battle against Ripple Labs, Inc. Specifically, the SEC aims to extend the deadline for its opening brief from March 13th to March 22nd, 2024, prolong the deadline for Ripple’s opposition brief from April 12th to April 22nd, 2024, and push back the deadline for its reply brief from April 29th to May 6th, 2024.
Reasoning Behind SEC’s Request and Response from Ripple Community
The SEC’s request for a one-week extension for each deadline revolves around the submission of briefs concerning “remedial measures” in the lawsuit. This request follows a recent resolution of a dispute between the involved parties regarding the scope of discovery, impacting the timeline for preparing these briefs. Citing “good cause” under Federal Rule of Civil Procedure 16(b)(4), the SEC contends that the resolution of the discovery dispute has affected their ability to adhere to the original timeline. Ripple Labs reportedly consented to this extension request. Meanwhile, the Ripple community, represented by vocal advocate and lawyer John Deaton, has expressed dissatisfaction with the SEC’s actions, believing that the SEC’s conduct reflects a lack of integrity rather than incompetence. Deaton’s remarks have sparked considerable attention and further discourse on the matter.
