A judge overseeing discovery in the U.S. Securities and Exchanges Commission’s lawsuit against Ripple Labs has granted the SEC’s request to extend deadlines by 60 days as well as a request by co-defendants Ripple CEO Brad Garlinghouse and executive chairman Chris Larsen to obtain information from 16 cryptocurrency exchanges outside the United States.
Fast facts:
- In a ruling on June 14, U.S. Magistrate Judge Sarah Netburn extended the deadline for the warring parties to complete fact discovery and expert discovery by Aug. 31 and Oct. 15 respectively. Discovery is the formal process of exchanging information between the parties in litigation. The SEC made the request, saying the agency needed more time to investigate and review documents produced by Ripple. However, Ripple had opposed the SEC’s request, calling the delay “an existential threat” to its business in the United States.
