Cover image via U.Today
In the ongoing legal saga between the Securities and bitcoin Exchange Commission (SEC) and Ripple, the regulatory body has fired back, asserting that Ripple’s arguments are baseless in a new court filing. The SEC refutes Ripple’s objection to the request for audited financial statements and the production of contracts related to XRP sales.
The SEC, in its latest filing, dismisses Ripple’s claim that the SEC’s motion is “untimely,” stating that seeking remedies-related discovery is not time-barred and is a routine aspect of securities law violations. The regulatory body emphasizes that post-complaint facts are crucial in determining remedies and refutes Ripple’s assertion that such information has no bearing on the court’s decisions.
#XRPCommunity #SECGov v. #Ripple #XRP The SEC has filed its Reply in Further Support of its Motion to Compel.https://t.co/XsJkh6H6g8— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) January 24, 2024
Addressing Ripple’s objections to disclosing post-complaint institutional sales contracts, the SEC argues that these are highly relevant to assessing the likelihood of future violations. The regulator contends that examining these contracts is essential in determining whether Ripple’s planned XRP sales comply with the court’s summary judgment order.
Ripple’s arguments about the irrelevance of its financial condition to penalties are also rebutted by the SEC, citing precedent that considers a defendant’s wealth when calculating penalties for deterrence.
The SEC concludes that Ripple’s procedural objections are meritless and reiterates that the discovery requests are procedurally proper and highly relevant. The regulatory body asserts its right to obtain targeted information about Ripple’s financial condition and post-complaint institutional sales contracts to make informed decisions on penalties and remedies.
As the legal battle unfolds, both parties continue to present their arguments, shaping the narrative of a case that holds significant implications for the cryptocurrency industry.