SEC win prompts Ripple for extension
Ripple seeks court extension amid SEC battle.
Ripple finds itself again in the spotlight, navigating its ongoing legal battle with the U.S. Securities and Exchange Commission (SEC). This latest chapter unfolds as Ripple seeks additional time to fulfill the courtâs order, requesting an extension until Feb. 20 to respond to the SECâs discovery requests comprehensively.
Rippleâs request for an extension underscores the enormity of the task at hand, reflecting the firmâs commitment to thoroughness and precision in its legal defense. The backdrop to this request is a legal tussle that has seen Ripple and the SEC locked in a dispute over the classification and treatment of XRP, Rippleâs native cryptocurrency. The heart of the matter lies in the differentiation between securities offerings and the nature of institutional XRP sales. This debate has significant implications for Ripple and the broader crypto market.
Last year, the legal skirmishes reached a notable milestone when Judge Analisa Torres delivered a mixed ruling, affirming that while institutional XRP sales could be considered unregistered securities offerings, programmatic sales and those on retail exchanges did not fall under the same category. This pivotal victory for Ripple was a moment of vindication, offering a glimmer of hope for a favorable resolution to the protracted legal battles that have clouded Rippleâs horizon.
