The Securities and Exchange Commission of the United States (SEC) has filed a motion to extend the time for the briefing on remedies. This agency of the United States has requested that Judge Analisa Torres of the Southern District of New York move the deadlines for its opening brief and opposition brief from March 13 to March 22, 2024, April 12 to April 22, 2024, and April 29 to May 6, 2024, respectively, according to former US federal prosecutor James K. Filan.
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In the ongoing legal struggle against Ripple Labs, Inc., the SEC has requested a one-week extension for all dates related to presenting briefs on “remedial measures”. This request comes after the parties’ recent disagreement over the scope of discovery was resolved, which had an impact on the deadline for finishing these briefs. The SEC argues that this extension is justified by “good cause” in accordance with Federal Rule of Civil Procedure 16(b)(4), pointing to the recent resolution of the discovery dispute as a reason that interfered with their capacity to submit the briefs on time. It is said that Ripple Labs approved this request for an extension.
It also showed that by February 5, 2024, the parties could only settle their disagreement over the appropriate extent of the remedies. This development represents the second occasion in which a party has asked for an extension of the deadline during the lawsuit’s remedies phase.
Remember that the court moved the original February 12, 2024, deadline for finishing the remedies-related discovery to February 20, 2024, at Ripple’s request. Whether the court will grant the SEC’s request to extend the time for filing remedy briefs is still up in the air.
Members of the XRP community have expressed their dissatisfaction with the recent events in the comments area, accusing the SEC of using delay tactics to prevent XRP from taking part in the bull market that is expected to occur following the mid-April Bitcoin halving event. Concerns concerning the possible effects of the ongoing litigation’s remedies phase on XRP’s future performance are raised by the company’s absence from the last bull market, which was exacerbated by notable price falls in the midst of soaring crypto assets.