Ripple opposed the US SEC’s request to push for further discovery regarding the post-complaint sales. The company claims the SEC had no valid reason. Here are the details…
Ripple legal team opposes SEC’s demands!
The attorneys argued that the SEC’s request to review additional financial documents was not valid. Because he stated that it was beyond the deadline and had nothing to do with the topic. Ripple’s legal team claimed in its latest court filing on Jan. 19 that the SEC has changed its stance on gathering additional information during the discovery phase, which requires each party to share relevant documents with the other as part of the legal process.
Last week, the SEC requested Ripple’s audited financial statements for fiscal years 2022 and 2023. It also requested all agreements regarding the sale or transfer of XRP to external entities made after the initial filing. Additionally, it requested that XRP provide additional details about institutional sales proceeds received after the filing. However, Ripple argued that the SEC had “ample opportunity” to seek out the material it wanted during the discovery phase. He noted that the deadline for requesting materials during the actual discovery phase has already passed. In this context, he drew attention to the following points:
In fact, the parties have already debated whether post-complaint discovery is appropriate, and at no time during this discovery dispute did the SEC assert that post-complaint discovery was relevant to remedies, instead taking the position that post-complaint conduct was completely irrelevant to the case.
“The court must not go down the slippery slope opened by the SEC!”
Ripple lawyers argued that the court should not be influenced by the SEC’s portrayal against the blockchain payments company. “The Court should not go down the slippery slope opened by the SEC,” the lawyers said. Additionally, Ripple’s lawyers claimed that the SEC used the entire set of questions, which are a list of written questions that Ripple posed to Ripple to answer before the hearing. In this regard, “As for the SEC’s specific question, the SEC used all the questions in the case. “Besides, he cannot unilaterally give himself more,” they said.
The hearing between Ripple and the SEC is scheduled to begin in April. cryptokoin.comAs you follow from , the regulatory body first filed a criminal complaint against Ripple in December 2020. Here, he accused the company of raising funds through unregistered securities sales through XRP. However, Ripple achieved a partial victory against the SEC in July 2023. The judge ruled that the XRP token is not a security regarding scheduled sales on crypto exchanges.
Meanwhile, recently Ripple chief legal officer Stuart Alderoty criticized the SEC for its stance on crypto. Alderoty called the SEC an “out of control regulator.”
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