In the latest development of the SEC lawsuit against Ripple Labs, the blockchain company has officially announced required a brief one-week extension to the deadline for filing evidence related to remedies, according to a document filed in the United States District Court for the Southern District of New York.
In the latest development of the SEC lawsuit against Ripple Labs, the blockchain company has officially announced required a brief one-week extension to the deadline for filing evidence related to remedies, according to a document filed in the United States District Court for the Southern District of New York.
Ripple’s lawyer submitted the letter on February 6, seeking to move the deadline from February 12 to February 20, 2024.
Bound by time
The extension request is said to be in response to the SEC’s request for 2022 and 2023 post-complaint contracts and financial statements, which Ripple intends to comply with.
In the formal letter to Judge Analisa Torres, Ripple’s legal team argued that “absent a short extension to the current deadline, Ripple would have only one week to produce responses to discovery requests that seek a large volume of documents and cover the whole position.” -complaints period.”
The extension request is notable because it has the consent of the SEC.
“A short eight-day extension will give Ripple enough time to collect and produce the requested documents,” Ripple’s lawyer added.
The SEC’s legal victory
Prior to Ripple’s request for more time, the SEC celebrated a legal triumph with Judge Sarah Netburn’s decision to compel Ripple to provide the requested discovery.
This decision overrides 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 on revenue from institutional sales of XRP after the complaint.
