XRP Litigation Update: Ripple Seeks Extension of SEC’s Financial Disclosure Requirements to February 20

In the latest update on the XRP lawsuit, Ripple today filed court papers requesting an extension of the deadline for further financial disclosures. The move follows a significant ruling yesterday by U.S. District Judge Analisa Torres and Judge Netburn upholding the SEC’s demand to access Ripple’s financial records.

Ripple’s Time Extension Application

The SEC previously filed a motion to force Ripple to disclose supplemental financial statements for 2022-2023 and contract information related to “post-compliance institutional sales” of XRP. Ripple opposed the SEC’s motion, calling it “unnecessary” and “untimely.”

In a February 5 court ruling passed by Judge Netburn, the court considered the SEC. Therefore, Ripple must now disclose additional financial information by February 12, 2024, as required by the SEC.

However, in court papers filed with Judge Torres on February 6, Ripple formally requested that the financial statement deadline be extended by one week to help determine relief.

Ripple Labs Inc. requested that the deadline be changed from February 12, 2024 to February 20, 2024, citing that Ripple needs additional time to collect and produce the significant amount of documents required by the SEC.

“Without a brief extension of the current deadline, Ripple will have just one week to locate the bulk of documents and produce responses to discovery requests that cover the entire complaint process period,” the filing states.

Surprisingly, the SEC agreed to Ripple’s request for an extension, marking a rare case of agreement between two adversaries in this high-stakes legal battle.

The ramifications of SEC v. Ripple Labs have raised questions about what can ultimately be called a ‘security.’ Because, as the judge previously said in the Binance v. SEC case, justice is not rigid and can be bent to: Depending on the facts and circumstances of the case.