Ripple Labs, the blockchain company behind the XRP token, has filed a motion to extend the deadline to respond to the U.S. Securities and Exchange Commission’s (SEC) latest motion in the ongoing securities lawsuit.
Ripple has requested a two-day extension, from January 17 to January 19, 2024, to prepare its response.
The SEC filed a motion on January 10, 2024, seeking to strike Ripple’s affirmative defenses and to preclude Ripple from relying on certain documents and testimony.
The SEC argued that Ripple’s defenses were legally insufficient, irrelevant, or prejudicial, and that Ripple had failed to produce or preserve certain evidence.
Ripple’s motion for an extension stated that the SEC’s motion was “lengthy and complex”, and that Ripple needed more time to review and address the SEC’s arguments.
Ripple also claimed that the SEC had not opposed its request for an extension.
The securities lawsuit between the SEC and Ripple began in December 2020, when the SEC sued Ripple and its executives for allegedly conducting an unregistered $1.3 billion securities offering of XRP.
The SEC claimed that XRP was an investment contract and thus a security under federal law. Ripple denied the SEC’s allegations, arguing that XRP was a digital currency and not a security.
The lawsuit has attracted significant attention from the crypto industry and the public, as it could have major implications for the legal status and regulation of XRP and other digital assets.
XRP is one of the largest and most widely used cryptocurrencies in the world, with a market capitalization of over $20 billion.
The lawsuit is currently in the discovery phase, where both parties exchange and review evidence and depose witnesses.
The discovery phase is scheduled to end on February 15, 2024, after which the parties may file motions for summary judgment or proceed to trial.
Ripple’s motion for an extension is the latest development in the lawsuit, which has seen several twists and turns over the past year.
The parties have engaged in multiple disputes over the scope and relevance of discovery, the admission of expert testimony, and the application of the fair notice defense. The parties have also explored the possibility of a settlement, but no agreement has been reached so far.
Finally, the court has not yet ruled on Ripple’s motion for an extension, but it is expected to do so soon. The court’s decision could affect the timeline and outcome of the lawsuit, as well as the future of XRP and the crypto industry.