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SEC Intensifies Legal Battle Against Ripple

SEC

The U.S. Securities and Exchange Commission (SEC) has ramped up its legal fight against Ripple, filing a new motion to compel the production of financial documents and post-complaint XRP sales contracts. The agency recently responded to Ripple’s opposition to its motion.

SEC Calls for Greater Transparency

In its latest filing, the SEC has called on Judge Sarah Netburn of the Southern District of New York to instruct Ripple to disclose audited financial statements for 2022 and 2023, as well as all post-complaint contracts for XRP sales to non-employee parties.

The SEC argues that these documents are crucial in determining the appropriate remedies, underlining that Ripple’s recent financial activity and sales contracts are pertinent to the case. The SEC has dismissed Ripple’s claims that this request is untimely, maintaining that ongoing sales and financial health are key in evaluating potential violations and shaping remedies.

Ripple Resists Discovery Requests

Ripple has vehemently opposed the SEC’s motion, contending that the requests are both untimely and irrelevant to the case. The company maintains that the SEC had sufficient opportunity to request this information during the initial discovery phase and accuses the Commission of trying to introduce a new phase of litigation without proper justification.

Ripple also argues that the information sought by the SEC, particularly regarding its post-complaint sales and financial condition, does not impact the court’s decision regarding remedies. Ripple stresses that the SEC’s approach could potentially lead to a protracted and unnecessary re-litigation of the case, disrupting the judicial process and imposing undue burdens on all parties involved.

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