Ripple Requests Extension for Court-Mandated Finance Disclosures in Ongoing XRP Lawsuit

Ripple has taken a new strategic approach in the ongoing XRP lawsuit by filing a request for an extension of the deadline to disclose additional financial information. This move comes after U.S. District Judge Analisa Torres and Judge Netburn recently ruled in favor of the SEC’s demand for access to Ripple’s financial records.

Previously, the SEC had motioned for Ripple to reveal its financial statements for the years 2022-2023 and provide details about the “post-compliant institutional sales” of XRP. Ripple had dismissed this motion as unnecessary and untimely. However, on February 5, Judge Netburn sided with the SEC, ordering Ripple to comply with the demand by February 12, 2024.

In response, Ripple submitted a formal request to Judge Torres on February 6, seeking a one-week extension of the deadline. They cited the need for additional time to gather and produce a substantial volume of documents as per the SEC’s requirements. The request aimed to extend the deadline from February 12, 2024, to February 20, 2024.

Surprisingly, the SEC has agreed to Ripple’s request for the extension, which is a rare moment of agreement between the two parties in this high-stakes legal battle.

The ongoing case between the SEC and Ripple Labs has brought into question the classification of XRP as a security. Similar to the Binance vs SEC case, the classification seems to be adaptable and dependent on the specific circumstances of each case.