Story Highlights
The SEC requested and received a one-week extension for its remedies brief.
The SEC cited needing more time to review Ripple's financial statements for determining potential penalties.
If found guilty, the court's penalty is unlikely to exceed Ripple's already spent legal fees ($150 million).
The long-standing legal tussle betweenRippleand theUnited States Securities and Exchange Commission (SEC)is heating up as the highly awaited trial date of April 23, 2024, looms large on the horizon.
In a recent twist, the SEC, in a bid to dot all the i’s and cross all the t’s, has thrown a curveball by requesting a one-week extension. This move comes on the heels of Judge Analisa Torres setting deadlines last year – the SEC is expected to unveil its remedies plan by March 13, with Ripple required to counter by April 12.
According to areport from Coinpedia, the SEC successfully petitioned for an extension, pushing its deadline to March 22. Simultaneously, Ripple’s deadline for its opposition brief is proposed to extend to April 22, 2024.
Read More:Ripple vs. SEC Heats Up: California Lawsuit Adds Fuel to XRP Price Uncertainty
And the Countdown ContinuesMeanwhile, the SEC’s reply brief, initially scheduled for April 29, has been extended to May 6, 2024. Notably, Ripple has agreed to the SEC’s request for an extension.
The SEC justified its plea, citing the need for additional time to meticulously review the recently provided Ripple financial statements covering 2022 and 2023 in order to finalize remedies-related briefings.
This isn’t the first rodeo withextensions for Ripple; previously, the company received an 8-day extension during the remedies-related discovery phase to submit crucial documents.
Ripple’s Fate Hangs in the BalanceThe remedies briefing phase is critical, determining the penalty Ripple might face for allegedly breaching federal securities laws through the sale of $770 million worth of XRP to institutional clients.
The looming question, if Ripple is found guilty, revolves around the penalty the court will impose. Experts, such asAttorney John Deaton, anticipate that it won’t surpass the $150 million already spent on legal defense. Ripple’s financial commitment becomes a linchpin, setting a potential precedent for similar situations in the cryptocurrency industry
Amidst the legal drama, XRP’s price stands at$0.59 showinga 6% surge in the past 24 hours, reaching almost $0.60. Coinciding with these events, analysts foresee a positive future for XRP, with some even suggesting a potential rise to $27.
The stage is set and the world watches with bated breath.
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