Judge Analisa Torres has granted a request from the Securities and Exchange Commission (SEC) to extend the deadline for filing documents that could bring Ripple Labs’ case to a close.
Court documents filed on March 1 allowed the SEC to extend the deadline for filing discovery-related materials requested by Ripple. The extension allows the regulatory agency to file an opening summary by March 22. The deadline for Ripple’s opposition summary is also extended to April 22, and the new deadline for the SEC to submit a response will be May 6, 2024.
The discovery-related summary is a document that describes potential measures and legal actions that may be considered or pursued in relation to the lawsuit.
The SEC’s lawsuit against Ripple Labs began in December 2020, when the regulatory agency accused Ripple Labs, along with CEO Brad Garlinghouse and co-founder Chris Larsen, of conducting an unregistered securities offering worth $1.3 billion through the sale of XRP tokens.
According to the SEC, the token must be classified as a security and therefore must comply with strict regulatory requirements. On the other hand, Ripple argues that XRP is not a security and that the SEC has not provided them with fair notice of its classification.
