Ripple Pushes Back Against SEC’s Requests
In the ongoing lawsuit between Ripple Labs and the U.S. Securities and Exchange Commission (SEC), Ripple has opposed the SEC’s motion to compel certain post-complaint discovery. Ripple’s lawyers argue that the SEC’s requests are irrational and lack good cause for further discovery. The SEC had asked for audited financial statements, contracts for the sale or transfer of XRP to non-employee counterparties, and details on XRP Institutional Sales proceeds received after the lawsuit filing.
Ripple provides two reasons for denying the request. Firstly, the SEC failed to request discovery during the open fact discovery period, making it unnecessary now. Secondly, Ripple claims that the SEC’s requests are irrelevant to the court’s remedies determination and would require a lengthy fact discovery period or a new litigation.
Discovery Deemed Irrelevant by Lawyers
Attorney Jeremy Hogan believes that the SEC’s current discovery dispute is not legally interesting and shows that the SEC is losing its grip on the lawsuit. He refers to a grand press release from 2020 when the SEC first filed the lawsuit. Attorney Bill Morgan points out that litigating whether post-complaint sales meet the Howey test would be necessary, and ODL customers may raise issues regarding how they expect profits from using XRP.
Hot Take: Ripple Fights Back Against SEC’s Requests
Ripple continues to push back against the SEC in their ongoing lawsuit. By opposing the SEC’s motion to compel post-complaint discovery, Ripple aims to undermine the relevance of these requests and protect their interests in court. The dispute highlights the disagreements between Ripple and the SEC regarding relevant evidence and remedies determination. As legal experts analyze these developments, it becomes clear that both sides are fiercely advocating for their positions in what promises to be a complex and closely-watched legal battle.
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