Ripple Firmly Rejects SEC’s Latest Information Requests on XRP
Ripple Labs has strongly opposed the U.S. Securities and Exchange Commission’s (SEC) recent motion to compel post-compliant discovery related to XRP.
In a letter to Judge Sarah Netburn, Ripple argued that the SEC’s requests are “untimely” and lack justification on the merits. The SEC is seeking audited financial statements for 2022 and 2023, post-complaint contracts for XRP sales or transfers, and information on “XRP institutional sales proceeds” post-complaint filing. Ripple contends that the SEC had ample opportunity for these requests during the open fact discovery period and has failed to justify them now.
The letter emphasizes that the sought information is irrelevant to the court’s remedies determination and warns against the SEC’s attempt to use a summary judgment procedure, bypassing a full hearing and potentially leading to a second discovery phase. Ripple insists that the SEC’s post-complaint discovery requests, considering the close of fact discovery, should be denied.
Clever Robot News Desk 23rd January 2024
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