Ripple has been continuing its legal fight with the SEC in the USA for a long time. The SEC filed a motion to force the company to produce financial statements for 2022-2023 and also drafted post-complaint agreements governing “corporate Sales.” The last request was made on January 11.
The letter was sent to Magistrate Judge Sarah Netburn of the Southern District of New York and came long after Judge Analisa Torres, who was known to be partially on Ripple’s side, granted summary judgment in the case.
According to Torres’ decision dated July 13, 2023, it was accepted that Ripple sold unregistered securities to hedge funds and ODL customers, especially institutional buyers. According to the judge, certain provisions in corporate sales agreements also indicate that the purchasing parties do not view the XRP token as a commodity or currency. However, Ripple violated the law by making $729 million in sales. However, this violation occurred only on the part of institutional investors. So individual sales do not contain any violations.
The SEC claimed that Ripple has not yet filed any of the post-complaint documents. The parties, who have contacted many times by phone and e-mail regarding the issue, have not yet reached any conclusion regarding the last document request.
“Although Ripple has unfairly objected to all of the requests, the SEC only requests two narrow document requests and a motion to compel a motion,” the SEC said in a statement on Thursday.
The court considered the SEC’s request and gave it one month to file its case with the court after the discovery deadline on remedies, and Ripple also has one month to object. It is estimated that both sides will reach a compromise this time.
According to lawyer James K. Filan, the next important date in the case is January 19, 2024.