The ongoing lawsuit between the U.S. Securities and Exchange Commission (SEC) and the Ripple Labs filed a new update recently, with a request from the SEC to extend several deadlines in the case.
The regulator asked for the deadlines for the solutions briefing to be changed. The order includes the deadline for opening the SEC's briefing by March 22 of this year, the deadline for the company's opposition briefing by April 22, 2024, and the regulator's deadline for filing its response brief by May 6. 2024.
According to court documents that were shared by defense attorney and former federal prosecutor, James K. Filan, on February 27, if the judge handling the case, Analisa Torres, approves the modifications that were suggested to the pending deadlines, it would imply extensions between a period of one week and ten days for the completion of the documents.
#XRPCommunity #SECGov v. #Ripple #XRP @SECGov has requested a change to the remedies briefing deadlines, asking that: (1) the @SECGov's opening brief deadline will be extended to March 22, 2024, (2) @Rippl to's deadline to file its opposition brief be extended to April 22, 2024, and (3)… pic.twitter.com/ZvCixNdLMm
- James K. Filan 🇺🇸🇮🇪 (@FilanLaw) February 28, 2024
SEC targeting $2,6 BI fine in ongoing case?
In the ongoing lawsuit between the US Securities and Exchange Commission (SEC) and Ripple Labs, the Is the regulator targeting a billion-dollar fine for the company? XRP community member Ashley Prosper recently highlighted the SEC's alleged strategy to secure a fine for Ripple, which could influence its financial results this year.
The SEC sued Ripple on allegations that the company violated US securities laws by selling its native token, XRP, as an unregistered security.
Prosper highlighted that the SEC's initial complaint accused the company of selling approximately 4,9 billion XRP between 2013 and the end of the third quarter of 2020. The sales were valued at US$624 million at the time it was made the order. However, the value of the XRP cryptocurrency increased to around $2,64 billion.
