Ripple has requested an extension till Feb. 20 to supply the U.S. Securities and Alternate Fee (SEC) with the important monetary paperwork the court docket accredited.
“Ripple requests this extension as a result of, absent a short extension of the present deadline, Ripple would have only one week during which to provide responses to discovery requests that search a big quantity of paperwork and canopy the whole post-complaint interval,” the agency stated.
Based on a Feb. 6 court docket submitting shared on the social media platform X by pro-crypto lawyer James Filan, the corporate revealed its intention to adjust to Decide Sarah Netburn’s ruling however requires extra time to collect and supply contracts associated to XRP gross sales to institutional consumers, hedge funds, and ODL prospects over a three-year interval.
“Ripple intends to provide obtainable monetary statements and serve a response to the SEC’s interrogatory about post-complaint proceeds from pre-complaint contracts by the present truth discovery deadline of February 12, 2024,” Ripple legal professionals added.
This request comes amidst the continuing disputes between Ripple and the SEC relating to the relevance of post-complaint discovery paperwork. Earlier, the SEC sought a court docket order compelling Ripple to submit monetary paperwork to find out appropriate penalties or treatments. Ripple initially rebuffed this request, deeming it irrelevant.
Nevertheless, following a authorized back-and-forth, the court docket dominated in favor of the SEC on Feb. 5, prompting Ripple’s present endeavor to conform.
Ripple and the SEC have been enmeshed in long-drawn authorized battles over the previous 4 years. The crypto firm scored a pivotal victory final 12 months when Decide Analisa Torres dominated that the programmatic gross sales of XRP, together with gross sales on retail exchanges, had been not securities choices. The choose additionally dominated that institutional XRP gross sales had been unregistered securities choices.
In the meantime, this ongoing authorized tussle appears to have negatively affected the efficiency of the XRP token this 12 months. Presently, the digital asset has seen a downward trajectory, with its value down by roughly 20% year-to-date to round $0.50, in line with information from CryptoSlate.
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