Key Takeaways:
- The SEC won a motion to compel Ripple to produce financial statements and post-complaint XRP sales contracts.
- Ripple requested a one-week extension on the deadline for remedies-related discovery.
- Granting the extension could delay the resolution of the lawsuit.
- The court’s decision will be crucial in determining the next steps in the case.
The ongoing legal battle between Ripple Labs and the SEC took another turn yesterday, with Ripple requesting an extension on the deadline for remedies-related discovery. This follows a recent win for the SEC, which saw Magistrate Judge Sarah Netburn grant their motion to compel Ripple to produce financial statements and post-complaint XRP institutional sales contracts.
SEC Wins Access to Sensitive Information:
The SEC’s successful motion gives them access to previously undisclosed financial information from Ripple, including financial statements from 2022-2023 and details on institutional XRP sales since the lawsuit’s filing. This information is crucial for the SEC to determine potential remedies in the case, such as injunctions or civil penalties, if they ultimately prevail.
Ripple Requests Deadline Extension:
In response to the SEC’s win, Ripple’s attorneys filed a letter requesting a one-week extension on the deadline for remedies-related discovery. The letter argues that the additional information requested by the SEC is “voluminous and complex” and requires more time for proper review and production. Granting the extension would allow Ripple to “comply with its discovery obligations in a timely and efficient manner.”
Related: XRP Alert: Whale Sells Millions, SEC Heats Up – What You Need to Know Now
Potential Implications:
This development adds another layer of complexity to the already intricate lawsuit. While granting the extension might seem reasonable, it could potentially delay the overall resolution of the case. Additionally, the SEC might contest Ripple’s request, further prolonging the discovery phase.
What’s Next?
Judge Torres will ultimately decide whether to grant Ripple’s request for an extension. The court’s decision will significantly impact the timeline of the lawsuit and potentially influence the overall strategy of both parties.
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