SEC Requests Extension in Remedies Phase of Ripple vs SEC Lawsuit

The U.S. Securities and Exchange Commission (SEC) has made a formal request to Judge Analisa Torres of the Southern District of New York, asking for an extension of the deadline for filing briefs related to potential remedies in their ongoing legal battle with Ripple Labs, Inc. The SEC wants to push the deadline for the remedies-related opening brief from March 13 to March 22, 2024. Ripple has consented to this extension, showing a collaborative approach between the parties involved.

The SEC justifies their request by pointing to a recent dispute over the scope of discovery, which was resolved on February 5, 2024. This dispute centered around Ripple’s obligation to share financial statements to assess potential breaches of securities laws. The SEC claims that the delay in the discovery process requires more time to gather information for potential remedies.

Jorge G. Tenreiro, representing the SEC, highlighted the joint effort between the SEC and Ripple, acknowledging the need for additional time. This extra time will be dedicated to reviewing recently obtained documents and completing the briefing process thoroughly.

The court has not yet made a decision on the SEC’s extension request. If approved, it would change the schedule for filing briefs regarding potential remedies. The lawsuit is currently scheduled for a jury trial starting on April 23, 2024.

In the world of XRP, the cryptocurrency is currently trading at $0.58, experiencing a 5.09% increase in the last 24 hours, which could indicate a bullish trend. The weekly Relative Strength Index (RSI) displays an inverted head and shoulders reversal pattern. If the RSI moves above 50 points, it could sustain the upward momentum, with a target of reaching $0.60 in the near future.