The judge granted an extension of the SEC’s deadline in the case of Ripple
Judge Analisa Torres has approved a request from the Securities and Exchange Commission (SEC) to extend the filing deadline that could lead to the end of the Ripple Labs case.
Court documents filed on March 1 gave the SEC more time to file discovery materials related to Ripple's proposed settlements. The extension allows the regulator to file its opening brief until March 22. The deadline for Ripple's opposition brief has also been extended to April 22, and the new deadline for the SEC to respond will be May 6, 2024.
A Remedial Brief is a document that describes the legal remedies and actions that may be considered or taken in connection with the dispute.
The SEC case began against Ripple Labs, where the regulator accused Ripple Labs of making $1.3 billion in unregistered securities through the sale of XRP tokens, along with CEO Brad Garlinghouse and co-founder Chris Larson.
According to the SEC, the token must be classified as a security and therefore subject to strict regulatory requirements. Ripple, on the other hand, argued that XRP was not a security and that the SEC had not given them proper notice of the classification.
The case has seen several developments and legal battles over the years. One notable aspect is the discussion surrounding the “Hawaii test” for determining whether a transaction qualifies as an “investment contract” under US law. According to the SEC, XRP meets the conditions of the Hawaii test, while Ripple argues the opposite.
In the year In a major development in July 2023, Judge Analisa Torres ruled in part in favor of Ripple Labs that XRP is not safe in the context of programmatic sales on digital asset exchanges. However, the judge also ruled that XRP is considered a security when sold to institutional investors.
Cointelegraph has contacted Ripple but has yet to receive a response.
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