Ripple has filed a motion seeking a one-week extension to gather and submit documentation in its ongoing legal struggle with the SEC.
The majority of the materials under review are financial statements for the years 2022–2023. Furthermore, “post-complaint contracts governing ‘institutional sales'” are sought after by the SEC.
In a document filed yesterday with the US Southern District of New York District Court, Ripple states that the originator of XRP has asked for an extra eight days to deliver the products. The company argues that the present time frame is insufficient by citing “the large volume of documents” that are needed.
The counterparties agreed to a ninety-day discovery term in a joint letter submitted on November 9. After that, they contested several aspects of the SEC’s discovery request, such as the significance of Ripple’s actions following the complaint—a point that the SEC had previously given to Ripple.
On February 5, 2024, Judge Sarah Netburn rendered a decision in favor of the SEC. Her decision forced Ripple to provide the needed paperwork by February 12—a very short deadline of just seven days.
It is noted in the updated filing that the SEC has granted Ripple’s request for an extension to submit everything by February 20.
In the future, the company plans to provide the financial statements by the fact discovery date of February 12 and reply to the SEC’s inquiry on post-complaint behavior from pre-complaint contracts.
The reason for the request for an extension is to collect more complex information, such as contracts for the sale of XRP to institutional buyers, hedge funds, and ODL customers over around three years.