Ripple Counters SEC's Last-Minute Discovery Requests in XRP Case

Ripple Objects to SEC’s Discovery Requests

Ripple is challenging the U.S. Securities and Exchange Commission (SEC) in their ongoing legal battle. Ripple has recently objected to the SEC’s request for post-complaint discovery. The dispute arises from the SEC’s motion to compel Ripple to produce additional documents and answer new interrogatories, which Ripple considers untimely and irrelevant.

Ripple Counters SEC’s Motion

In response to the SEC’s motion, Ripple has filed a counter-response opposing the request. The SEC seeks audited financial statements for 2022 and 2023, as well as details of post-complaint XRP transactions with non-employee parties. Additionally, they demand information on the revenue generated by Ripple from XRP institutional sales after the complaint was filed.

Ripple argues that these requests are not only untimely but also irrelevant to the case. They emphasize that the SEC had ample opportunity to request this information during the open fact discovery phase but chose not to.

Significance of Post-Complaint Discovery

Ripple’s opposition is centered around the timing and relevance of the SEC’s demands. They highlight that these requests come after the closure of fact discovery, except for a narrow scope granted by the Court. Ripple also points out that the SEC’s requests exceed the limit under Rule 33 and that post-complaint conduct is not pertinent to the case.

Ripple believes that addressing the legality of its post-complaint XRP sales could lead to unnecessary side litigation. The XRP community closely follows this lawsuit and eagerly awaits a resolution in 2024.

Hot Take: Ripple Fights Back Against SEC’s Discovery Requests

Ripple is pushing back against the U.S. Securities and Exchange Commission (SEC) in their ongoing legal battle. In response to the SEC’s request for post-complaint discovery, Ripple has objected, deeming it untimely and irrelevant. The company argues that the SEC had ample opportunity to request this information earlier in the case.

Ripple’s opposition highlights the significance of the timing and relevance of the SEC’s demands. They believe that addressing their post-complaint XRP sales could lead to unnecessary litigation. The XRP community eagerly awaits a resolution to this lawsuit in 2024.