Ripple vs SEC Lawsuit Update As of February 29, 2024

The lawsuit between the U.S. Securities and Exchange Commission (SEC) and Ripple has seen a new development. The SEC recently submitted a motion to the court requesting an extension of the deadline for submitting briefs related to the remedies phase of the case.

Proposed Schedule Adjustments

The SEC’s motion proposes a series of adjustments to the existing deadlines. They seek a nine-day extension to file their opening brief, pushing the date from March 13 to 22, 2024.

Additionally, it requested a ten-day extension for Ripple’s response, shifting the deadline from April 12, 2024, to April 22, 2024. Finally, the SEC proposes a one-week extension for submitting their reply brief. The agency proposes to move the date from April 29, 2024, to May 6, 2024.

Justification for Extension

The SEC argues that the proposed extension ensures a thorough and well-considered response. The regulator cites the complexity of the case and the need to review Ripple’s financial records to determine appropriate remedies, adding credence to the belief that the SEC is looking to impose a substantial penalty on Ripple.

Furthermore, the SEC emphasizes that this extension request is not intended to disadvantage Ripple. The SEC highlights its willingness also to extend Ripple’s response deadline, ensuring both parties receive an equal opportunity to present their arguments.

Ripple’s Response

Interestingly, Ripple has reportedly consented to the SEC’s extension request. This development is noteworthy, considering neither party had requested an extension for the remedies briefing.

This is, however, not the first time a deadline adjustment has occurred in the remedies phase. In February 2024, the court granted Ripple’s request to extend the deadline for completing the remedies-related discovery process.

Community Reaction and Market Impact

As expected, the SEC’s extension request has sparked mixed reactions within the XRP community. Some investors have expressed concerns about potential delays impacting XRP’s performance in the anticipated cryptocurrency bull run.

It is important to note that this upcoming bull run is linked to the Bitcoin halving event expected in April. The ongoing lawsuit prevented XRP from participating fully in the previous bull run, and some community members fear a similar outcome if the case drags on.

The court is yet to rule on the SEC’s extension request, and some in the community believe the court should deny the request. Although this request will extend the lawsuit, Ripple Chief Technology Officer (CTO) David Schwartz has predicted that the lawsuit will end in 2024, and there’s still a high chance his prediction will come true.

Follow us on Twitter, Facebook, Telegram, and Google News

Tobi Loba

Tobi Loba is a passionate writer with a vast interest in the stock market. She joined the crypto ecosystem about three years ago and has written lots of ebooks and articles in relation to cryptocurrency and blockchain projects. Tobi Loba earned her degree at the University of Ibadan.