Ripple Files for Extension Until February 20th for SEC’s Request on Financial Disclosure in Ongoing XRP Lawsuit

Ripple Requests Time Extension in XRP Lawsuit

In a recent development regarding the XRP lawsuit, Ripple has officially requested an extension of the deadline for additional financial disclosures. This decision comes after a significant ruling in favor of the SEC’s demand for access to Ripple’s financial records by U.S. District Judge Analisa Torres and Judge Netburn.

The SEC had previously filed a motion to compel Ripple to disclose its additional financial statements for 2022-2023 and contractual information related to “post-compliant institutional sales” of XRP. Ripple opposed this motion, deeming it unnecessary and untimely.

Following the court ruling on February 5th, Ripple is now obligated to disclose the requested financial information to the SEC by February 12th, 2024. However, on February 6th, Ripple submitted a court filing to Judge Torres, formally requesting a one-week extension of the deadline for financial statements in order to determine appropriate remedies.

Ripple Labs Inc. has specifically asked for the deadline to be shifted from February 12th to February 20th, 2024, citing the need for additional time to gather and produce a significant volume of documents as per the SEC’s demands.

According to the filing, “Without a brief extension of the current deadline, Ripple would only have one week to respond to discovery requests that require a large volume of documents covering the entire post-complaint period.”

Interestingly, the SEC has agreed to Ripple’s request for an extension, marking a rare instance of agreement between the two opponents in this high-stakes legal battle.

The ongoing SEC vs Ripple Labs case has sparked discussions about what can be classified as a ‘security’ and what cannot. As previously stated by a judge in the Binance vs SEC case, the definition of a security is not rigid and can be interpreted based on the facts and circumstances of each case.