Ripple Labs Opposes SEC’s Request for Post-Compliant Discovery on XRP
Ripple Labs has firmly opposed the U.S. Securities and Exchange Commission’s (SEC) motion to compel post-compliant discovery on XRP. In a letter to Judge Sarah Netburn, Ripple argued that the SEC’s requests are untimely and lack justification. The SEC is seeking audited financial statements for 2022 and 2023, all post-complaint contracts related to XRP sales or transfers, and information on institutional sales proceeds. Ripple’s legal counsel emphasized that the SEC had ample opportunity for discovery during the fact discovery phase and that the requested information is irrelevant to the court’s remedies determination. Ripple also criticized the SEC’s summary judgment approach, warning of potential second discovery and increased burden on both parties and the court.
SEC Requests More Information from Ripple on XRP
Ripple Labs has sent a letter to Judge Sarah Netburn opposing the U.S. Securities and Exchange Commission’s (SEC) motion to compel post-compliant discovery on XRP. The SEC is seeking audited financial statements for 2022 and 2023, post-complaint contracts relating to non-employee sales or transfers of XRP, and information on institutional sales proceeds. Ripple’s legal counsel states that the SEC’s requests are untimely and lacks justification. The counsel emphasizes that the requested information is irrelevant to the determination of remedies. Ripple also argues that the SEC’s summary judgment approach bypasses important fact-finding procedures and imposes burdens on both parties and the court.
Ripple Opposes SEC’s Discovery Requests on XRP
Ripple Labs has strongly opposed the U.S. Securities and Exchange Commission’s (SEC) motion to compel post-compliant discovery on XRP. Ripple argues that the SEC’s requests are untimely and lack justification. The SEC wants Ripple to provide audited financial statements for 2022 and 2023, post-complaint contracts on the sale or transfer of XRP to non-employee counterparties, and information on institutional sales proceeds. Ripple’s legal counsel states that the SEC had ample opportunity during the fact discovery phase to request the information. Ripple further criticizes the SEC’s summary judgment approach, cautioning against a second discovery phase and increased burdens on the court and the parties involved.
Hot Take: Ripple Counters SEC’s Requests
Ripple Labs has firmly opposed the SEC’s recent requests for post-compliant discovery on XRP. Ripple argues that the SEC’s demands are untimely and lack merit. According to Ripple, the requested information is irrelevant to the court’s remedies determination. The company criticizes the SEC’s summary judgment approach, cautioning against the bypass of fact-finding procedures and the potential burden on both parties and the court. Ripple’s legal counsel states that the SEC has used its allotted interrogatories and cannot unilaterally grant itself more. Ripple emphasizes that the SEC’s discovery requests should be denied, as they are both irrelevant and burdensome.
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