Notable ripple v. SEC Case Update: Details
TL;DR
- The SEC has escalated its legal case against Ripple, demanding financial documents that the firm disputes as irrelevant.
- The company, which achieved many partial legal victories in 2023, is preparing for the hearing scheduled for April 23, 2024.
After a long period of inactivity, the legal battle between the United States Securities and Exchange Commission (SEC) and Ripple has escalated further this month. First of all, the regulator requested An order forcing the company to hand over 2022 and 2023 financial statements and post-complaint XRP sales contracts.
Ripple had until January 17 to comply and requested that the deadline for response be extended to January 19. He later opposed the SEC’s request, claiming those records were untimely and irrelevant to the case.
This is the guard dog refile This motion argues that the documents could provide vital information about Ripple’s financial situation over the years and show whether it has violated certain securities laws.
Company lawyers Reacted With a motion to file a supplemental response letter seeking to “correct a material mischaracterization by the SEC.”
US attorney and former federal prosecutor James Filan clarified He said U.S. judges allowed the firm to move forward.
Upcoming Dates
The latest clash between the parties occurred less than three months before their trial (scheduled for April 23, 2024). Ripple appears to have the upper hand and has scored three partial court victories throughout 2023.
The first of these was in July by Judge Analisa Torres. reigned It was stated that the company’s programmed sales to secondary trading platforms do not constitute investment contract offers. You can find more details in the video below:
Shortly thereafter, the judges rejected the SEC’s intention to appeal the decision; Ripple CEO Brad Garlinghouse and Chief Executive Officer Chris Larsen objected to the decision. cleaned of all claims brought by the observer.
The two organizations must comply with the necessary procedures before meeting in court. Second absolute While it must submit its summary of the solutions by March 13, 2024, Ripple must submit its objection by April 12, 2024.
SPECIAL OFFER (Sponsored)
Binance $100 Free (Exclusive): Use this link to sign up and get $100 free and 10% discounted fee on binance Futures for your first month (conditions).
#Notable #Ripple #SEC #Case #Update #Details