SEC Demands Documents from Ripple
The US Securities and Exchange Commission (SEC) has taken action against Ripple, requesting the company to provide specific documents related to the ongoing lawsuit. The SEC is seeking Ripple’s financial statements for 2022-2023 as well as post-complaint contracts governing “Institutional Sales.” A federal judge has previously ruled that these transactions constituted an unregistered securities offering. Additionally, the SEC wants Ripple to answer an interrogatory regarding the amount of proceeds from XRP Institutional Sales received after the complaint was filed. The purpose of these actions is to determine whether Ripple has violated securities laws.
Ripple Requests Extension
Ripple’s attorneys have filed a motion for an extension of time, asking for the deadline to respond to be extended to January 19. This is Ripple’s first request for an extension, and they state that they need two additional business days to fully respond to the SEC’s demands. The original deadline for their response was January 17.
The Trial Date Approaches
The legal battle between Ripple and the SEC is scheduled for April 23, 2024. Ripple has achieved three partial victories in 2023, giving them a favorable position going into the trial. Both parties must follow necessary procedures before the trial, with the SEC required to file its brief on remedies by March 13 and Ripple filing its opposition by April 12. The outcome of this case is highly anticipated by XRP supporters and industry participants, as it could have significant implications for the crypto market.
Hot Take: What Lies Ahead for Ripple?
The upcoming trial between Ripple and the SEC holds great importance for both parties involved and the broader crypto market. If Ripple manages to secure a decisive win, it could potentially trigger a market boom. On the other hand, if the ruling goes against Ripple, it may lead to the implementation of stricter regulations and negatively impact the sector. As the trial date approaches, all eyes are on the outcome and its potential consequences for Ripple and the crypto industry as a whole.
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