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SEC v. Ripple: Crucial Request Filed by Defendants

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Wed, 7/02/2024 - 5:32
SEC v. Ripple: Crucial Request Filed by Defendants
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In the latest development of the SEC's lawsuit against Ripple Labs, the blockchain company has officially requested a brief, one-week extension for the deadline for remedies-related discovery, according to a document filed with the United States District Court for the Southern District of New York. 

Ripple's counsel submitted the letter on Feb. 6, seeking to move the deadline from Feb. 12 to Feb. 20, 2024. 

Strapped for time 

The extension request is said to be in response to the SEC's request for post-complaint contracts and financial statements from 2022 and 2023, which Ripple intends to fulfill.

In the formal letter to Judge Analisa Torres, Ripple's legal team argued that "absent a brief extension of the current deadline, Ripple would have just one week in which to produce responses to discovery requests that seek a large volume of documents and cover the entire post-complaint period."

Related

The request for extension is notable as it comes with the SEC's consent.

A short extension of eight days will give Ripple sufficient time to collect and produce the requested documents," Ripple's counsel added.

The SEC's legal win 

Before Ripple's request for more time, the SEC celebrated a legal triumph with Magistrate Judge Sarah Netburn's decision to compel Ripple to provide the requested discovery. 

This decision overrules Ripple's procedural objections and requires the company to provide detailed financial statements for the years 2022 and 2023 as well as contracts and information concerning the proceeds from institutional XRP sales post-complaint.

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