{"id":3056609,"date":"2024-01-12T01:34:11","date_gmt":"2024-01-12T06:34:11","guid":{"rendered":"https:\/\/wordpress-1016567-4521551.cloudwaysapps.com\/plato-data\/heres-the-latest-update-on-ripple-vs-sec-as-both-parties-file-new-motions\/"},"modified":"2024-01-12T01:34:11","modified_gmt":"2024-01-12T06:34:11","slug":"heres-the-latest-update-on-ripple-vs-sec-as-both-parties-file-new-motions","status":"publish","type":"station","link":"https:\/\/platodata.io\/plato-data\/heres-the-latest-update-on-ripple-vs-sec-as-both-parties-file-new-motions\/","title":{"rendered":"Here\u2019s the Latest Update on Ripple Vs SEC As Both Parties File New Motions"},"content":{"rendered":"
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The SEC and Ripple have filed new motions relating to the remedies phase of their ongoing legal battle. <\/strong><\/p>\n

Both the SEC and Ripple have been quiet for over a month since a federal court issued<\/a> the scheduled order for the remedies phase of their ongoing lawsuit.  <\/span><\/p>\n

The parties have remained silent for nearly two months, thus sparking<\/a> concerns among XRP enthusiasts. Notably, the SEC and Ripple finally broke the silence as they filed new motions in the case. <\/span><\/p>\n

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SEC Moves to Compel Ripple to Produce Vital Documents <\/span><\/h2>\n

In a January 11 letter<\/a> sent to Magistrate Sarah Netburn, the Securities and Exchange Commission asked the court to compel Ripple to hand over its audited financial statements from 2022 \u2013 2023. <\/span><\/p>\n

Additionally, the SEC also wants Ripple to produce its post-complaint contract governing institutional sales. The SEC emphasized that the post-complaint contract it seeks relates to the \u201cinstitutional sales\u201d transactions, which the court found<\/a> to be securities in July 2023. <\/span><\/p>\n

According to the SEC, these documents would help Judge Analisa Torres to \u201cdetermine whether the court should impose a relief\u201d<\/em> like injunctions and civil penalties, having found Ripple liable for violating the United States securities law. <\/span><\/p>\n

Ripple Files Motion Seeking Time Extension <\/span><\/h2>\n

Reacting, the popular crypto payments firm filed its own motion hours later, requesting an additional two business days to respond to the SEC\u2019s motion to compel. <\/span><\/p>\n

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As revealed by seasoned lawyer James K. Filan, Ripple wants the court to extend the deadline for its response from January 17 to January 19. <\/span><\/p>\n

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#XRPCommunity<\/a> #SECGov<\/a> v. #Ripple<\/a> #XRP<\/a> @Ripple<\/a> has filed a Motion for Extension of Time requesting an additional 2 days, until January 19th, to respond to the @SECGov<\/a>\u2019s Motion to Compel. pic.twitter.com\/mAy7mPi4gw<\/a><\/p>\n

\u2014 James K. Filan \ud83c\uddfa\ud83c\uddf8\ud83c\uddee\ud83c\uddea (@FilanLaw) January 11, 2024<\/a><\/p>\n<\/blockquote>\n

It remains to be seen whether the court will grant Ripple\u2019s request for a time extension. <\/span><\/p>\n

Remedies Phase of Ripple Vs. SEC <\/span><\/h2>\n

Yesterday\u2019s filings marked the SEC\u2019s and Ripple\u2019s first official motions with respect to the remedies phase of the lawsuit. <\/span><\/p>\n

The remedies aspect of the SEC v. Ripple lawsuit is currently in the discovery phase, which is expected to be completed on February 12, 2024. <\/span><\/p>\n

In the latest motion, the SEC claimed that it served Ripple \u201cthree requests for production and nine interrogatories\u201d relating to the remedies for institutional sales violations on November 14.  <\/span><\/p>\n

However, Ripple refused to produce any of the requested documents, prompting the regulator to officially file a motion to compel the company to hand over two narrow document requests and one interrogatory. <\/span><\/p>\n

The documents relates to Ripple\u2019s audited financial statement from 2022 to 2023 and the company\u2019s post-complaint written contracts governing its XRP sales to institutional clients. <\/span><\/p>\n

According to the SEC, the interrogatory request pertains to the amount of proceeds Ripple received from institutional sales since the complaint was filed. <\/span><\/p>\n

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Disclaimer<\/strong>: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic\u2019s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.<\/p>\n

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