The United States Securities and Exchange Commission (SEC) has recently filed a motion against Ripple, demanding the company to provide certain documents related to an ongoing lawsuit. Ripple, in response, is seeking a brief extension to meet the SEC’s demands for documentation regarding XRP sales.
The legal conflict between the two entities, which began in December 2020, is heading towards a grand trial on April 23, 2024. The outcome of this trial could have significant implications for the crypto market.
The SEC has requested Ripple to hand over two types of essential documents: its financial statements for 2022-2023 and its post-Complaint contracts governing “Institutional Sales”. Federal Judge Torres had previously ruled that these transactions did constitute an unregistered securities offering.
Furthermore, the SEC insisted that Ripple answer a single interrogatory setting concerning the amount of XRP Institutional Sales proceeds received after filing the Complaint for contracts. The SEC’s recent action is aimed at determining whether Ripple has violated certain securities laws.
Ripple’s attorneys have filed a Motion for Extension of Time, requesting the deadline for a response to be extended to January 19. Under normal circumstances, Ripple’s response would be due on Wednesday, January 17, 2024. However, Ripple is requesting an additional two business days to fully respond to the Motion to Compel. This is Ripple’s first request for an extension of time.
The legal saga between Ripple and the SEC is nearing its trial. Ripple has managed to secure three vital, albeit partial, victories in 2023. Both parties are required to comply with necessary procedures before meeting in court. The SEC must file its brief with respect to remedies by March 13, 2024, while Ripple must file its opposition by April 12, 2024.
The outcome of the case is eagerly awaited by the XRP army (a term used to refer to XRP aficionados) and many industry participants. A decisive win for Ripple could trigger an overall market boom, whereas the opposite scenario could hamper the sector and lead to the implementation of stringent rules.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇺🇸 |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | None |
| Companies | The United States Securities and Exchange Commission, Ripple, Binance Futures |
| Currencies | XRP |
| Securities | None |
