Ripple requests deadline extension, citing voluminous SEC document demands

Ripple has requested an extension except Feb. 20 to construct the U.S. Securities and Substitute Commission (SEC) with the famous monetary documents the courtroom approved.

“Ripple requests this extension because of the, absent a short extension of the hot time restrict, Ripple would procure trusty one week whereby to construct responses to discovery requests that look a mountainous quantity of documents and conceal the total post-complaint interval,” the firm acknowledged.

Per a Feb. 6 courtroom submitting shared on the social media platform X by pro-crypto attorney James Filan, the corporate published its plot to conform to Identify Sarah Netburn’s ruling but requires beyond regular time to amass and provide contracts linked to XRP gross sales to institutional investors, hedge funds, and ODL possibilities over a three-yr interval.

“Ripple intends to construct on the market monetary statements and wait on a response to the SEC’s interrogatory about post-complaint proceeds from pre-complaint contracts by the hot truth discovery time restrict of February 12, 2024,” Ripple attorneys added.

This inquire comes amidst the continuing disputes between Ripple and the SEC concerning the relevance of post-complaint discovery documents. Earlier, the SEC sought a courtroom negate compelling Ripple to post monetary documents to resolve suitable penalties or cures. Ripple firstly rebuffed this inquire, deeming it beside the level.

On the other hand, following a trusty wait on-and-forth, the courtroom dominated in prefer of the SEC on Feb. 5, prompting Ripple’s contemporary endeavor to comply.

Ripple and the SEC procure been enmeshed in long-drawn trusty battles valid thru the last four years. The crypto company scored a pivotal victory last yr when Identify Analisa Torres dominated that the programmatic gross sales of XRP, including gross sales on retail exchanges, were now not securities choices. The resolve additionally dominated that institutional XRP gross sales were unregistered securities choices.

Meanwhile, this ongoing trusty tussle looks to procure negatively affected the efficiency of the XRP token this yr. Currently, the digital asset has viewed a downward trajectory, with its trace down by approximately 20% yr-to-date to around $0.50, in line with knowledge from CryptoSlate.