Read U.TODAY on
Google News
The legal battle between Ripple Labs and the US Securities and Exchange Commission (SEC) is heating up as both parties prepare for the next major deadline in the case.
As Ripple and the SEC enter the “remedies” phase of the case focusing on institutional sales, the next phase… Delivery time In this case it will be February 20th.
Ripple scored a historic lawsuit victory in July 2023; However, the court determined that some institutional XRP sales were investment contracts and therefore should have been registered with the SEC.
It should be noted that earlier in February, Ripple requested a one-week extension of the discovery deadline related to the treatments from February 12 to February 20, making this the next crucial deadline in the legal battle.
At this point, the discovery phase remains crucial, because it may reveal new information or arguments that could influence treatments.
In a throwback to events leading up to this key timeline, the SEC filed nine inquiries and three requests for proposals on Ripple on November 14.
After the parties met and consulted on December 21 and January 3 to narrow the scope of the dispute, the SEC filed a motion on January 11 to compel discovery of Ripple's 2022 and 2023 financial statements, and the contracts written after the complaint governing XRP sales. To institutional buyers, hedge funds and ODL clients, the proceeds received by Ripple for delivery of XRP after the complaint was filed, but under written contracts previously entered into.
On February 5, Judge Netburn granted the SEC's motion to compel in full. Following Judge Netburn's decision, Ripple stated that it will disclose available financial data and file a response to the SEC's questioning of post-complaint proceeds from pre-complaint contracts by the pre-complaint discovery deadline of February 12, 2024.
However, Ripple sought a short extension until February 20 to produce its contracts to sell XRP to institutional buyers, hedge funds and ODL clients from a period of approximately three years before, citing the difficulty associated with trying to collect and produce those coins. Documents within the previous deadline.
Ripple has not requested changes to any other deadlines in this case, and these remain the same. Legal briefs are expected to be submitted in March and April this year, after which the court will decide what remedies to impose.
About the author
Tomiwabold Olajide
