Crypto News – As both sides await a crucial decision from the court, the legal battle between Ripple and the SEC is drawing closer to a critical point.
Critical Moments in Ripple-SEC Case: Legal Decision Awaited
The parties in the Ripple-SEC litigation are expected to finish all discovery pertaining to remedies by February 12, which is the next important date. Accordingly, events could be shaped by a crucial decision about the SEC’s move to require Ripple to provide certain financial data.
Judge Torres might need to rule on the SEC‘s motion to compel quickly given the February 12 deadline for completion of remedies-related discovery.
Bill Morgan, XRP enthusiast and legal expert
SEC Explains Why It Demanded Documents
The SEC filed a request on January 11th, demanding that Ripple deliver two specific types of documents: (a) its financial accounts for the fiscal years 2022–2023 and (b) the contracts that regulate “institutional sales” after the complaint was filed. These contracts are believed to represent unregistered offers and sales of stocks that occurred prior to the complaint.
Likewise, for contracts taken into before the filing of the complaint, the SEC is attempting to compel Ripple to respond to a single interrogatory, stating the quantity of XRP institutional sales revenues that it obtained. The SEC declared that it was requesting this data in order to assess whether the court ought to grant relief, such as injunctions, and, if so, what degree of civil penalties.
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