New report. The SEC’s lawsuit against the company Ripple can already go down in the annals as the longest in crypto history. Indeed, for years the United States Securities and Exchange Commission has been trying to impose a penalty of unregistered financial security to its cryptocurrency XRP. A legal fight or each new stage is an opportunity to tighten the balance of power. And as the US financial policeman seems to like to drag things out, a new deadline has just been granted in order to be able to envisage the continuation of hostilities.
The SEC requests – and receives – an extension
If ridicule killed, the US SEC would be long dead and buried. A situation which would not displease certain local elected officials, determined to making fun of his hated boss Gary Gensler.
Among these haters are in a good position those responsible for the Ripple project. It must be said that their nerves are put to the test as part of the trial opened by the financial policeman since… 2020. And obviously, the mood is not one of acceleration.
Indeed, the SEC recently filed a request for an extension period to the judge in charge of this case. And the latter has just been accepted, in order to allow it to carry out a “remedies-related discovery” step. » That is to say an analysis of investigative documents filed by Ripple following its repeated request last February.
“The Securities and Exchange Commission respectfully requests a change to the pending deadlines for appeal briefings, which would result in a full one-week extension for the completion of this briefing. »
DRY
The end of the regulatory tunnel for Ripple?
According to SEC filings, Ripple Labs appears to be consent to this postponement. Which brings its next deadline to file a request for opposition to the April 22, 2024 (compared to April 12 previously). On the SEC side, the deadline is postponed until March 22 next.
Despite the many battles lost by the SEC in the Ripple casethe cryptocurrency XRP remains at the center of a legal fight over its status as a financial security. But from now on, this criticism only exists within the framework of initial sales made to institutional investors.
The Ripple company could finally see the end of the regulatory tunnel during this year 2024. This at the same time when SEC Commissioner, Hester Peirce, urges the cryptocurrency sector for more decentralization. Because, otherwise, the regulatory ax could once again have to decide to the point.