In the latest development of the legal battle between the Securities and Exchange Commission (SEC) and Ripple Labs, the SEC has proposed an extension to the timeline for submitting summaries related to remedies in the ongoing lawsuit. The official request was filed before Judge Analisa Torres in the Southern District of New York, aiming to reschedule the opening summary for the SEC to March 22.
This marks the first instance where either party has sought an extension to the remedies briefing schedule, with Ripple expressing agreement on the proposed timeline adjustments. The SEC’s request for an extension of the deadline is attributed to the need for additional time to review recently issued documents and finalize the remedies-related briefing.
This move follows the resolution of the dispute between Ripple and the SEC regarding the scope of discovery on February 5. The resolution led to a one-week extension of the initial discovery deadline by Magistrate Judge Netburn.
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The SEC asserts that a “valid reason” exists for this short extension under Federal Rule of Civil Procedure 16(b)(4), citing diligent efforts in completing discovery and remedies-related briefing. The absence of an imminent trial in this case also supports the SEC’s position on extending the deadline, ensuring thorough preparation and review before presenting its opening summary.
In light of the recent victory for the SEC, as reported by coinshiba.online, where the court directed Ripple to disclose specific financial records and contract details, the court found the requested documents essential for determining appropriate remedies and evaluating the necessity of a court order.
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