The Securities and Exchange Commission (SEC) has filed a request for deadline extensions in the ongoing legal battle against Ripple Labs, Inc., citing recent developments in the case. James K. Filan, a former US federal prosecutor, has confirmed that the SEC has asked for adjustments to the briefing schedule regarding “remedial measures” in the lawsuit. The request is currently awaiting a decision from Judge Analisa Torres of the Southern District of New York.
The SEC is seeking extensions for multiple deadlines related to filing briefs on “remedial measures,” a move that could potentially change the course of the case. These adjustments include postponing the deadline for the opening brief from March 13th to March 22nd, extending the deadline for the opposition brief from April 12th to April 22nd, and shifting the deadline for the reply brief from April 29th to May 6th, 2024.
The SEC argues that these deadline extensions are justified under Federal Rule of Civil Procedure 16(b)(4) due to “good cause.” This reasoning is based on the recent resolution of a discovery dispute between the parties involved, which affected the SEC’s ability to prepare the briefs within the original timeline. Ripple Labs has reportedly consented to the SEC’s request for an extension.
While waiting for Judge Analisa Torres to rule on their request, the SEC’s proposed changes to the briefing timeline could have significant implications for the case. If approved, the extended deadlines would alter the schedule for submitting briefs on potential remedies, ultimately affecting the course of the lawsuit. The lawsuit is currently scheduled for a jury trial on April 23rd, 2024.
In another development, John Deaton, a prominent advocate and lawyer for XRP, has expressed his dissatisfaction with the SEC’s policies. Deaton, known for his vocal stance on regulatory matters involving Ripple and XRP, recently criticized the SEC, alleging a lack of integrity rather than incompetence. His remarks have sparked discussions within the cryptocurrency community, drawing attention to the ongoing legal saga between Ripple Labs and the SEC.
Deaton’s criticism of the SEC highlights the contentious nature of the regulatory scrutiny faced by Ripple Labs. As a passionate advocate for XRP investors, his comments resonate with a segment of the cryptocurrency community that is unhappy with the SEC’s handling of the case. As the legal proceedings continue, Deaton’s commentary adds another layer to the ongoing discussions surrounding Ripple’s regulatory challenges.
