XRP Lawsuit: After Magistrate Judge Sarah 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, Ripple attorneys sent a letter to Judge Torres.
Attorneys for defendant Ripple Labs requested the court to grant a week extension of the deadline for remedies-related discovery, as per the latest court filing.
While Ripple fully complies with the order to produce 2022-2023 financial statements, post-complaint institutional sales contracts, and an interrogatory regarding XRP institutional sales earnings post-complaint, the company continues to argue that the request is “overly burdensome.”
Ripple requests for an extension of the deadline for remedies-related discovery from February 12 to February 20, 2024. The company provides further evidence on extension provided earlier by the court, claiming right to seek an extension of any discovery deadline.
As per the order, Ripple will provide SEC with the “sale of XRP to institutional buyers, hedge funds, and ODL customers from a roughly three-year period, because of the burden and difficulty associated with tying to collect and produce those documents by the existing deadline.”
Only the final request to provide three years of contracts for the sale of XRP will take time, claims Ripple. This will not impact the case length as the SEC has more time to prepare for briefing.
Bill Morgan, a pro-XRP lawyer, reacted to Ripple’s request to extend deadline to a week and said “What is 8 days after more than 3 years.”
He also reacted to SEC’s adopting new definition of “dealers” and “government securities dealers”, new strict rules affecting crypto liquidity. It takes effect in 60 days, weeks after AMM amendment to the XRPL.
Attorney Fred Rispoli claims that the SEC is coming after Ripple. “I didn’t really understand why Ripple fought the discovery because keeping it hidden would allow the SEC to sue Ripple on post-Complaint sales at a later time.” However, he says Ripple and XRP are still in the lead.
It is crucial for Ripple to get an extension for the remedies-related discovery amid the XRPL AMM ammendement is delayed due to SEC’s efforts to broad definition of dealers impacting DeFi.
XRP price rises 3% to $0.515 amid a required crypto market recovery. XRP hit a 24-hour low and high of $0.5001 and $0.51684, respectively. Furthermore, the trading volume continues to increase, with an almost 10% jump in the last 24 hours, indicating a rise in interest among traders.
Popular analyst Ali Martinez shared that the TD Sequential indicator is signaling a buy on XRP weekly chart. He believes XRP can witness an upswing for one to four weeks.
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