Ripple vs SEC: Judge Grants Grants Extension in Discovery Phase

February 09, 2024

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In the ongoing legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC), a recent development has emerged with Judge Analisa Torres granting an order on Ripple’s motion for an extension of time for remedies-related discovery requirements.

As per a post on X from top crypto layer James K. Filan, this decision marks a significant point in the case, providing Ripple with additional time to fulfill certain obligations outlined by the court.

The essence of this order revolves around Ripple’s commitment to producing a 2022-2023 financial statement and disclosing details regarding its XRP institutional sales. These requirements are pivotal in the SEC’s case against Ripple, which alleges that the company conducted an unregistered securities offering through its sale of XRP tokens.

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Judge Grants Ripple Labs One-week Extension

The one-week extension from February 12 to February 20, 2024, granted by the Judge signifies a temporary reprieve for Ripple, allowing the company to gather the necessary documentation and comply with the court’s directives. It also underscores the rigorous scrutiny and accountability imposed on entities operating within the digital asset space.

For Ripple, this order presents an opportunity to address the SEC’s allegations comprehensively, providing insights into its financial operations and sales practices. By complying with the court’s requirements, Ripple aims to strengthen its position and refute the SEC’s claims of wrongdoing.

On the other hand, the SEC continues to pursue its case against Ripple, seeking to establish the regulatory framework applicable to digital asset offerings. However, the outcome of this legal battle is anticipated to have far-reaching implications for the cryptocurrency industry, as it could potentially shape the regulatory landscape governing token sales and blockchain-based ventures.

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Ripple vs SEC Lawsuit Ends in 2024

Unsurprisingly, most of Stuart Alderoty, Ripple Labs Chief Legal Officer’s forecasts found their basis in policies and regulations.

As an experienced lawyer, he seemed to be more interested in what 2024 holds for crypto regulation. His first point of call was the three-year-long misguided Ripple lawsuit with the SEC. The Ripple CLO is positive that this year will be the end of the lawsuit.

His positivity concerning the case does not come as a surprise because a crucial part of the lawsuit has been dealt with in 2023. Recall that Judge Torres ruled in favor of Ripple when she said XRP is not securities. However, the SEC tried to counter this verdict, citing how it gives precedent to other existing lawsuits.