The U.S. Securities and Exchange Commission (SEC) has issued a new proposal that includes forcing the production of financial documents and post-complaint XRP sales contracts. Ripple put pressure on the lawsuit against his company increased. The SEC on Tuesday filed a response to the defendant’s objection to its motion.
#XRPCommunity #SECGov v. #Ripple #XRP The SEC has filed its Reply in Further Support of its Motion to Compel.https://t.co/XsJkh6H6g8
NEWS CONTINUES BELOW— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) January 24, 2024
In a recent filing by the SEC, Southern District of New York Judge Sarah Netburn asked Ripple’s audited financial statements for 2022 and 2023, as well as filings with non-employee parties. XRP He demanded that he disclose all post-lawsuit agreements regarding his sales.
This pressure and legal request from the SEC is based on the argument that these documents are critical to determining appropriate remedies and emphasizes that Ripple’s recent financial activities and sales agreements are relevant to the case.
The SEC rejects the company’s arguments that this request is untimely, insisting that ongoing sales and financial health are crucial in evaluating potential violations and establishing solutions.
Ripple Company Continues to Adopt Opposition Position
Ripple argued that the demands were both untimely and irrelevant to the case. SECHe continues to vehemently oppose ‘s request.
The company argues that the SEC had ample opportunity to request this information during the initial discovery phase and accuses the Commission of attempting to initiate a new phase of the case without proper justification. Ripple also claims that the information requested by the SEC, specifically regarding its post-complaint sales and finances, did not influence the court’s decision on remedies.
Ripple emphasizes that the SEC’s approach could potentially lead to a lengthy and unnecessary retrial of the case, disrupt the judicial process, and impose unnecessary burdens on all parties involved.