Ripple Faces New SEC Deadline Extension Request

In the latest twist of the SEC vs. Ripple Labs legal showdown, the SEC has put forth a proposal to extend the timeline for submitting briefs related to remedies in the ongoing lawsuit. 

The formal request has been placed before Judge Analisa Torres in the Southern District of New York, aiming to reschedule the SEC’s opening brief to March 22. 

Legal maneuverings 

This move marks the first time either party has sought an extension in the remedies-related briefing schedule, with Ripple expressing its consent to the proposed timeline adjustments.

The SEC’s request for a deadline extension is attributed to a need for additional time to review recently produced documents and finalize remedies-related briefing. 

This comes after a dispute between Ripple and the SEC regarding the scope of discovery was resolved on Feb. 5, leading to a one-week extension of the initial discovery deadline by Magistrate Judge Netburn. 

The SEC asserts that “good cause” exists for this brief extension under Federal Rule of Civil Procedure 16(b)(4), citing diligent efforts in completing remedies-related discovery and briefing. 

The absence of an imminent trial in the case further supports the SEC’s position for a deadline extension, aiming to ensure thorough preparation and review before submitting their opening brief.

The SEC’s recent win 

As reported by U.Today, the SEC’s litigation against Ripple recently took a favorable turn, with the court mandating Ripple to disclose specific financial records and contract details.

Despite Ripple’s objections, the court found the requested documents essential for determining an appropriate remedy and assessing the necessity of an injunction.