SEC Wins Motion to Compel Ripple’s Financial Records
In the ongoing legal battle between the United States Securities and Exchange Commission (SEC) and Ripple, Magistrate Judge Sarah Netburn has approved the SEC’s motion to compel Ripple to provide its financial records. The court has granted the motion, which requires Ripple to disclose its 2022-2023 books and post-complaint contracts for institutional XRP sales. Additionally, Ripple must respond to an interrogatory regarding the proceeds from institutional XRP sales after the SEC filed its complaint.
Ripple had previously argued that the request for financial records was untimely and irrelevant. However, legal expert Bill Morgan criticized the SEC for misleading the court. Despite this decision, Morgan believes that any penalty imposed on Ripple will be less than what the company has already paid in legal costs.
Implications of the Decision
Morgan suggests that this decision is more significant in terms of whether a permanent injunction will be granted against Ripple and the extent of its scope. In response to a question about when this legal battle might conclude, Morgan referred to it as “forever litigation” and stated that it is not solely about the law but rather a deliberate long-term campaign by the SEC to hinder or destroy Ripple.
Current Status of XRP
As of February 6, XRP was trading at $0.503, experiencing a 0.65% drop for the day. Over the past week, XRP has declined by 5.97%, and it has lost 11.24% of its value over the last month.
Hot Take: SEC Granted Motion to Compel Ripple’s Financial Records
In a significant development in the legal dispute between Ripple and the SEC, Judge Sarah Netburn has approved the SEC’s motion to compel Ripple to provide its financial records. This decision has implications for the potential granting of a permanent injunction against Ripple. Despite the ruling, legal expert Bill Morgan believes that any penalty imposed on Ripple will be less than its legal costs. The ongoing legal battle has been described as “forever litigation,” with Morgan asserting that the SEC is engaging in a deliberate long-term campaign against Ripple. Meanwhile, XRP continues to experience a decline in value.
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