Ripple Vs SEC: Judge Grants Ripple’s Request for Remedies-Related Discovery
Highlights
- Judge grants order on Ripple's motion for extension of time for remedies related discovery
- Ripple will produce financial statements and post-complaint XRP institutional sales details within a week
- SEC and Ripple will prepare for legal briefs for proceedings in March and April.
Ripple vs SEC: A Federal Judge signed order granting Ripple’s request to delay remedies-related discovery requirements by a week, which includes detailed financial statements and post-complaint XRP institutional sales. Pro-XRP lawyers highlighted compliance by Ripple during the three years, while the community also seeks to know about XRP details.
Judge Grants Order on Ripple Motion For Extension
Magistrate Judge Sarah Netburn granted order on Ripple’s Motion for Extension of Time for remedies-related discovery, according to a filing in the court. Magistrate Judge Netburn granted the Securities and Exchange Commission’s (SEC) motion to compel, ordering Ripple to provide 2022-2023 financial statements and post-complaint XRP institutional sales contracts details.
CoinGape reported that Ripple has agreed to comply with the order and all SEC requirements such as 2022-2023 financial statements, post-complaint institutional sales contracts, and an interrogatory regarding XRP institutional sales proceeds post-complaint. Ripple claimed that providing three years of contracts for the sale of XRP is burdensome and will take time.
Notably, Ripple requested an extension of the deadline for remedies-related discovery from February 12 to February 20, 2024. Ripple claimed that it has the right to seek an extension of any discovery deadline.
Also Read: XRP Whale Offloads 58 Mln Tokens As Price Nears $0.52, What’s Happening?
Ripple Agree to Comply With SEC and Court on XRP Sales
With the remedies phase in highlight, the SEC and Ripple will prepare for legal briefs for proceedings in March and April. The Court will decide which remedies to impose later.
Meanwhile, Ripple promises to continue to maintain high standards of compliance, ethics, and transparency and invest the resources necessary to guarantee compliance with the law.
XRP Price to Rally?
XRP price jumped 2% in the past 24 hours, with the price currently trading at $0.52. The 24-hour low and high are $0.5119 and $0.5214, respectively. However, the trading volume has decreased by 5% in the last 24 hours, indicating a decline in interest among traders.
While the community awaits a price rally above the $0.60 support level, hit its recent high of $0.82 last July when Judge Torres ruled in favor of Ripple, whales and traders continue to book profits on $0.52.
Also Read: Ripple Promises XRP Sales To Comply With Law As SEC Lawsuit Enters Remedies Phase
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