The United States Securities and Exchange Commission (SEC) has requested a modification of the pending deadlines for remedies-related briefing in the ongoing XRP lawsuit.

In a Tuesday letter submitted to Judge Analisa Torres of the Southern District of New York, the SEC requested a one-week extension to complete the remedies-related briefing, citing the need for more time to review Ripple’s financial records and finalize its remedies-related briefing.

According to the letter, the SEC proposed new deadlines, including extending the date for filing its opening brief by nine days, from March 13 to March 22, 2024. The SEC also requested a 10-day extension for Ripple to file its remedies-related opposition, moving the deadline from April 12 to April 22, 2024. Additionally, the SEC requested a modification to the deadline for submitting its reply brief, changing it from April 29 to May 6, 2024.

Notably, the SEC argued that there is good cause to grant the deadline extension request, as it has diligently completed all remedies-related discovery and briefing. The regulator further noted that Ripple has consented to the SEC’s request for a deadline extension.

It is important to note that neither party had requested an extension of the remedies-related briefing schedule. The SEC emphasized that the extension would not unfairly prejudice Ripple, as it would also have additional time to file an opposition brief.

Notably, this is the second time one of the parties has requested a deadline extension in the remedies phase of the lawsuit. Based on Ripple’s request earlier, the court extended the deadline for completing the remedies-related discovery to February 20, 2024, from the initially scheduled February 12, 2024.

Meanwhile, the XRP community has expressed frustration over the recent development, with some investors accusing the SEC of employing delay tactics to ensure XRP misses out on the upcoming bull run.

“Judge Torres should deny this request,” one XRP enthusiast stated.

Notably, the coming bull run is expected to take full force following the Bitcoin halving event in mid-April. XRP has, however, been trading sideways for over two years now after plummeting heavily at a time when other crypto assets were recording new all-time highs. 

Nevertheless, the sixth largest crypto has received a boost amidst the ongoing general market strength led by Bitcoin. Its price spiked by 15% over the past week, igniting optimism for further gains. At press time, XRP was trading at $0.60 after a 1.6% gain in the past 24 hours.

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Filed under: Bitcoin - @ March 8, 2024 4:23 pm