2024

Rule

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
In the latest development in its ongoing lawsuit, Ripple has <a href="https://twitter.com/WKahneman/status/1748498045732524391" rel="noopener noreferrer nofollow">objected</a> to the SEC's request for post-complaint discovery.James K. Filan, a former federal prosecutor who regularly posts updates on the Ripple SEC action, made it known in a new tweet that Ripple has filed its response opposing the SEC's motion to compel.
According to the filing, the SEC seeks to compel Ripple to produce audited financial statements for the years 2022 and 2023; produce all post-complaint contracts for the sale or transfer of XRP to "non-employee counterparties"; and answer an interrogatory about the amount of "XRP institutional sales proceeds" received after the filing of the complaint for certain contracts.
<blockquote>
 Let's unpack <a href="https://twitter.com/hashtag/Ripple?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Ripple</a>'s response to the SEC filing!Ripple argues the SEC is asking for unnecessary information and trying to subvert the legal process. Let's outline the argument: 1/5 (As always, thanks to <a href="https://twitter.com/FilanLaw?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@FilanLaw</a>, for the file!) <a href="https://t.co/CxUa527AFC" rel="noopener noreferrer nofollow">https://t.co/CxUa527AFC</a>— WrathofKahneman (@WKahneman) <a href="https://twitter.com/WKahneman/status/1748498045732524391?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">January 20, 2024</a>
</blockquote>
Ripple opposes these requests, saying first that they are untimely. Ripple pointed out that the SEC had enough chance to seek most of the requested discovery while fact discovery was open but chose not to do so and now lacks good cause to do so.In addition, the SEC’s discovery requests seek information that is irrelevant to remedies, Ripple said.
Ripple stated that the parties had already litigated whether post-complaint discovery was appropriate and that during that discovery dispute, the SEC never argued that post-complaint discovery was relevant to remedies, instead claiming that post-complaint conduct was completely irrelevant to the case. The motion was resolved after Ripple agreed. As a result, the SEC should not be allowed to reverse its cause.
Ripple pointed out the SEC's "unreasonable" demands, stating that on Nov. 14, the SEC served nine interrogatories and three RFPs (requests for productions) on Ripple.
In December, Ripple objected to these requests on several grounds, including the fact that discovery was closed, except for the narrow discovery granted by the Court on Nov. 13. In addition to this, the SEC had exceeded the 25 interrogatories allowed under Rule 33, and certain of the requests related to post-complaint conduct were irrelevant.
<a href="https://u.today/ripple-ceo-to-share-stage-with-cftc-commissioner-xrp-community-excited" rel="noopener noreferrer nofollow">Ripple</a> also argues that adjudicating the legality of Ripple’s post-complaint sales might embroil the Court and parties in lengthy ancillary litigation.
Ripple's stand-up to the SEC's requests has attracted comments and praise from the XRP community. Meanwhile, the XRP community keeps their fingers crossed, expecting positivity in the hopes that the Ripple SEC lawsuit will see an ultimate conclusion this year, 2024.

Ripple Fires Back at SEC's Unreasonable Demands in Big New Filing, XRP Community Reacts

U_Today

Other articles published on Jan 20, 2024

Shibarium nears new milestone as SHIB faces a decline

BREAKING: Coinbase Announces to List Three New Altcoins in Futures

FTX, Alameda and Celsius Continue Selling Large Amounts of Bitcoin and Altcoins: Here Are The Lat...

Fresh Bearish Actions Shake the Crypto Space: Here’s What Traders Need to Know!

Bitcoin faces challenges amidst U.S. dollar’s resurgence and ETF uncertainty

Ripple (XRP): Poised for a Strong Rally — Whales Accumulate Celestia (TIA) and InQubeta (QUBE)

Join our free newsletter for daily crypto updates!