In a recent legal move, Ripple Labs filed a request with the U.S. District Court for the Southern District of New York. The request aims to extend the discovery deadline for appeals by one week. This request follows a decision in favor of the SEC in their ongoing litigation. Ripple is seeking to adjust the timeline to comply with a ruling that requires the submission of detailed financial documents regarding their XRP from 2022 to 2023.
Legal Development and Ripple's Request
The motion filed on February 6 aims to move the discovery deadline for appeals from February 12 to February 20, 2024. This action follows a recent court decision on February 5 in favor of the SEC, which requires Ripple to provide detailed financial documents. Defense attorney James K. Filan emphasized the importance of this development, noting its impact on the case. The SEC's victory has significantly shortened the time needed to respond with the requested documents.
Ripple's motion highlights the challenges of adhering to the initial deadline due to the sudden need to produce a large number of documents. Ripple believes that an additional week would allow enough time to collect and submit these documents without causing harm to the SEC. The request for an extension does not affect other deadlines, and the SEC has agreed to this extension, acknowledging the need for extra time to comply with the court's order.
Background of Ripple's Legal Battle
This legal dispute is part of a larger conflict between Ripple and the SEC, initially triggered by allegations that Ripple conducted unregistered offerings through XRP sales. Recent disputes regarding post-complaint discovery and SEC's successful request for sales documents highlight the complexity of the case.
As the discovery deadline approaches, court decisions will be crucial in shaping the outcome of the dispute. Ripple's extension request demonstrates its commitment to complying with legal requirements while highlighting the challenges posed by the legal process. This strategic move aims to ensure compliance and thorough preparation in the ongoing legal battle with the SEC. The results of this motion and the subsequent compliance efforts will be closely followed by experts and will also be of interest to investors and the fintech community.
