Judge Orders Ripple to Comply With SECs New Discovery Requests Concerning XRP
A federal judge has ruled in favor of the U.S. Securities and Exchange Commission (SEC) and ordered Ripple to comply with the regulators post-complaint discovery requests concerning XRP. Ripple must also answer an interrogatory regarding the amount of XRP institutional sales proceeds it received after the SEC complaint was filed.
Judge Grants SECs Motion Against Ripple
On Monday, U.S. Magistrate Judge Sarah Netburn ruled in favor of the U.S. Securities and Exchange Commission (SEC) against Ripple Labs concerning XRP.
The securities regulator seeks an order compelling Ripple to produce 2022-2023 financial statements and post-complaint contracts governing institutional sales. The SEC also wants the crypto firm to answer an interrogatory regarding the amount of XRP institutional sales proceeds it received after the complaint was filed, Mondays court document details, adding:
The SECs motion is granted in full.
The court also addressed Ripples objections to the SECs motion. The crypto firm had argued that the securities watchdogs requests are untimely, asserting that the agency has failed to justify each of its requests on the merits. Ripple also claimed that the information the SEC seeks has no bearing on the courts remedies determination.
Regarding Ripples financial statements, the court document explains that At this stage, the Court sees no basis to short-circuit that inquiry by denying access to readily available information that may be probative to the remedy stage.
As for the post-complaint contracts, The Court is not convinced that the production of these contracts will result in an improper or costly mini-trial, as warned by Ripple. Regarding post-complaint XRP institutional sales proceeds, the judge ruled that the SEC has made a sufficient showing that this information may assist the Court in fashioning its remedy, noting that Ripple must respond to the interrogatory. The Court has set Feb. 12 as the deadline to complete the remedies-related discovery.
What do you think about the federal judge ordering Ripple to comply with the SECs requests concerning XRP? Let us know in the comments section below.
Source: Bitcoin.com
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Text source: Crypto Breaking News
