Cryptocurrency

United

James

<div class="finbold">
 <p class="paragraph">In the newest turn of events in connection with the years-long court standoff between the United States Securities and Exchange Commission (SEC) and Ripple, Magistrate Judge Sarah Netburn has approved in full the regulator’s motion to compel the blockchain company to hand over its <a rel="noopener noreferrer nofollow" title="financial" href="https://thebittimes.com/tag/financial.html">financial</a> <a rel="noopener noreferrer nofollow" title="records" href="https://thebittimes.com/tag/records.html">records</a>.</p>
 <p class="paragraph">Indeed, Judge Netburn has granted the SEC’s motion forcing Ripple to open its 2022-2023 books and produce the post-complaint contracts on institutional XRP sales, as per a court document shared by defense attorney and former federal prosecutor James K. Filan on February 5.</p>
 <p class="paragraph">Furthermore, the Court has approved the part of the regulatory agency’s request that pertains to answering an interrogatory regarding the amount of proceeds from the institutional sales of XRP that Ripple received after the SEC filed the complaint, ordering the cryptocurrency firm to respond to it.</p>
 <figure class="wp-block-embed aligncenter is-type-rich is-provider-twitter wp-block-embed-twitter">
  <div class="wp-block-embed__wrapper">
   <blockquote class="twitter-tweet" data-width="500" data-dnt="true">
    <p lang="en" dir="ltr">#XRPCommunity #SECGov v. #Ripple #XRP Magistrate Judge Netburn has granted the @SECGov’s Motion to Compel in its entirety. pic.twitter.com/QrFZjGbUNN</p>— James K. Filan (@FilanLaw) February 5, 2024
   </blockquote>
  </div>
 </figure>
 <p class="paragraph">As a reminder, Ripple earlier filed a response to the SEC’s motion to compel, referring to the request for its <a rel="noopener noreferrer nofollow" title="financial" href="https://thebittimes.com/tag/financial.html">financial</a> <a rel="noopener noreferrer nofollow" title="records" href="https://thebittimes.com/tag/records.html">records</a> in the remedies discovery process as untimely and irrelevant, while legal expert Bill Morgan accused the SEC of misleading the Court, which “is happening far too often.”</p>
 <h2 class="wp-block-heading" id="h-decision-s-effects">Decision’s effects</h2>
 <div class="not-prose relative overflow-auto scrollbar-hide mb-8 mt-8">
  <div class="relative w-full flex gap-6 snap-x snap-mandatory overflow-x-auto">
   <div class="max-w-[300px]">
    <div class="py-0 first:pt-0 last:pb-0">
     <div class="flex gap-x-4">
      <div class="shrink-0  w-24"><img data-src="https://cdn.thebittimes.com/images/2024/02/06/6765a5a41a659d4b282702498cf90ec5.webp" alt class=" w-full rounded-md lazy">
      </div>
      <div>
       Cryptocurrency 
       <h3 class="font-bold leading-6 " id="former-sec-chief-drops-bombshell-on-ripple-case">Former SEC chief drops bombshell on Ripple case</h3>
       <div class="sm:flex gap-x-3 mt-2">
       </div>
      </div>
     </div>
    </div>
   </div>
   <div class="max-w-[300px]">
    <div class="py-0 first:pt-0 last:pb-0">
     <div class="flex gap-x-4">
      <div class="shrink-0  w-24"><img data-src="https://cdn.thebittimes.com/images/2024/02/06/636c8200d65af2a11d416a94833d6330.webp" alt class=" w-full rounded-md lazy">
      </div>
      <div>
       Cryptocurrency 
       <h3 class="font-bold leading-6 " id="this-is-xrp-s-level-to-watch-for-bulls-to-take-control">This is XRP's level to watch for bulls to take control</h3>
       <div class="sm:flex gap-x-3 mt-2">
       </div>
      </div>
     </div>
    </div>
   </div>
   <div class="max-w-[300px]">
    <div class="py-0 first:pt-0 last:pb-0">
     <div class="flex gap-x-4">
      <div class="shrink-0  w-24"><img data-src="https://cdn.thebittimes.com/images/2024/02/06/cba6872897597c01eba64d49e0dde730.webp" alt class=" w-full rounded-md lazy">
      </div>
      <div>
       Cryptocurrency 
       <h3 class="font-bold leading-6 " id="short-squeeze-alert-for-next-week-two-cryptocurrencies-with-potential-to-soar">Short squeeze alert for next week: Two cryptocurrencies with potential to soar</h3>
       <div class="sm:flex gap-x-3 mt-2">
       </div>
      </div>
     </div>
    </div>
   </div>
   <div class="max-w-[300px]">
    <div class="py-0 first:pt-0 last:pb-0">
     <div class="flex gap-x-4">
      <div class="shrink-0  w-24"><img data-src="https://cdn.thebittimes.com/images/2024/02/06/dbffcb8c9440996400a618eb8ae83552.webp" alt class=" w-full rounded-md lazy">
      </div>
      <div>
       Cryptocurrency 
       <h3 class="font-bold leading-6 " id="ripple-v-sec-case-update-as-of-february-2-2024">Ripple v. SEC case update as of February 2, 2024</h3>
       <div class="sm:flex gap-x-3 mt-2">
       </div>
      </div>
     </div>
    </div>
   </div>
   <div class="max-w-[300px]">
    <div class="py-0 first:pt-0 last:pb-0">
     <div class="flex gap-x-4">
      <div class="shrink-0  w-24"><img data-src="https://cdn.thebittimes.com/images/2024/02/06/636c8200d65af2a11d416a94833d6330.webp" alt class=" w-full rounded-md lazy">
      </div>
      <div>
       Cryptocurrency 
       <h3 class="font-bold leading-6 " id="xrp-sell-off-alert-ripple-preps-huge-february-dump">XRP sell-off alert: Ripple preps huge February dump</h3>
       <div class="sm:flex gap-x-3 mt-2">
       </div>
      </div>
     </div>
    </div>
   </div>
  </div>
 </div>
 <div class="mb-4 bg-slate-50 rounded-md layout-adjustment">
  <div id="finbold.com_middle" style="min-width: 300px; min-height: 250px;">
  </div>
 </div>
 <p class="paragraph">Commenting on the recent decision, Morgan said it did not surprise him and that “quite frankly, I think the XRP community wants to see the Ripple post-complaint contracts,” adding that, regardless, the penalty for Ripple would be less than what the company has paid in legal costs. On the other hand, he argues:</p>
 <blockquote class="wp-block-quote">
  <p class="paragraph">“It has more bearing on whether a permanent injunction will be granted and, if so, and how broadly or narrowly it will be confined.”</p>
 </blockquote>
 <p class="paragraph">Asked by X user Norm Mccord on the new timeframe for this legal battle to finally conclude, the lawyer referred to it as the “forever litigation,” voicing his opinion that “it’s not about the law,” but that the SEC was waging a “lawfare” or a&nbsp; “deliberate long-term campaign to stymie or destroy Ripple.”</p>
 <p class="paragraph">Meanwhile, XRP was at press time trading at the price of $0.503, recording a 0.65% drop on the day, in addition to declining 5.97% across the past week and losing 11.24% to its value over the last month, as per the most recent data retrieved by Finbold on February 6.</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em> The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
 <p class="paragraph"></p>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/judge-drops-the-hammer-forces-ripple-to-hand-over-all-financial-records-tbt79025.html">https://thebittimes.com/judge-drops-the-hammer-forces-ripple-to-hand-over-all-financial-records-tbt79025.html</a></p>

Judge drops the hammer, forces Ripple to hand over all financial records

Table of Contents

TheBitTimes

Other articles published on Feb 6, 2024

The Vacation in Montenegro Is Over: Ex-CFO Terraform Labs Extradited To South Korea

Crypto Predictions 2024: Bitcoin Price to Hit ATH as Top Altcoins Explode

XRP price flashes unusual $66 million signal: Can it stay above $0.50?

BlackRock and Fidelity stack up $5.7b in Bitcoin for ETF bonanza

MultiversX blockchain data now embedded in global internet data streams via Google BigQuery

XRP Bulls Eye Potential Surge as Analyst Signals Upward Trajectory

Join our free newsletter for daily crypto updates!