Time

The post <a href="https://coinpedia.org/news/xrp-lawsuit-update-ripple-seeks-extension-until-february-20th-for-secs-demand-on-financial-disclosure/" rel="noopener noreferrer nofollow">XRP Lawsuit Update : Ripple Seeks Extension Until February 20th for SEC’s Demand on Financial Disclosure</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
In the latest update of the XRP lawsuit, Ripple today has submitted a court filing seeking an extension of the deadline for additional financial disclosures. This move follows a significant ruling passed yesterday by U.S. District Judge Analisa Torres and Judge Netburn who favored the SEC’s demand for access to Ripple’s financial records.
<h2 class="wp-block-heading" id="h-ripple-s-filing-for-time-extension">Ripple’s Filing For Time Extension</h2>
The SEC has previously filed a motion to compel Ripple to disclose its additional financial statements in 2022-2023 and contractual information relating to “post-compliant institutional sales” of XRP. Ripple opposed the SEC’s motion, naming it “unnecessary” and “untimely”.
As per the Feb 5 Court ruling passed by <a href="https://storage.courtlistener.com/recap/gov.uscourts.nysd.551082/gov.uscourts.nysd.551082.936.0.pdf" rel="noopener noreferrer nofollow">Judge Netburn</a>, the court has weighed in with the SEC; thereby, Ripple now has to disclose additional financial information as demanded by the SEC by 12th February 2024.
However, on February 6, in its court filing addressed to Judge Torres, Ripple formally requested a one-week extension of the deadline for financial statements to help decide remedies.
Ripple Labs Inc. has requested shifting the deadline from February 12, 2024, to <a href="https://x.com/RippleXrpie/status/1755043306919129533?s=20" rel="noopener noreferrer nofollow">February 20, 2024</a>, reasoning that Ripple needs additional time to gather and produce a significant volume of documents, as per the SEC’s demands.
<blockquote class="wp-block-quote">
 The filing states, “Absent a brief extension of the current deadline, Ripple would have just one week in which to produce responses to discovery requests that seek a large volume of documents and cover the entire post-complaint period.”
</blockquote>
Remarkably, the SEC has consented to Ripple’s request for the extension, marking a rare instance of agreement between the two adversaries in this high-stakes legal battle.
The ripple effects of SEC vs Ripple Labs have raised questions about what can be finally called a ‘security’ or not, because as previously once said by the Judge in the Binance vs SEC case, the definition is not rigid, and can be bent as per the facts and circumstances of the case.

XRP Lawsuit Update : Ripple Seeks Extension Until February 20th for SEC’s Demand on Financial Disclosure

Table of Contents

CoinPedia News

Other articles published on Feb 7, 2024

Skyline Digital makes TradFi accessible on Web3

Bitget Lists Dymension in Innovation Zone (7 Feb)

Ethereum whale on the move amid Holesky Test Success

Analysts discover deepfakes of Vitalik Buterin promoting scam crypto wallet

Flare and Google Cloud Partner; Analysts Give Price Predictions for Blur and KangaMoon

CSGORoll: Elevating Counter-Strike Experience By Uniting Skins, Games, and Rewards

Join our free newsletter for daily crypto updates!