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The legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) is intensifying as both parties prepare for the next critical deadline in the litigation.
As Ripple and the SEC enter the “relief” phase of a lawsuit focused on institutional sales, future deadline In this case, it would be February 20th.
Ripple won a landmark lawsuit victory in July 2023. However, the court held that certain XRP institutional sales were investment contracts and therefore should be registered with the SEC.
It should be recalled that in early February, Ripple requested a one-week extension of its bailout-related discovery deadline from February 12th to February 20th, making this the next important deadline in the legal battle.
At this time, the discovery phase remains important as new information and arguments may come to light that may impact remedies.
Looking back at the events leading up to this important timeline, the SEC filed nine interrogatories and three RFPs regarding Ripple on November 14th.
After the parties met and consulted on December 21st and January 3rd to narrow down the dispute, the SEC on January 11th filed a complaint governing Ripple's 2022 and 2023 financial statements, XRP sales. filed a motion to compel disclosure of the written contract. Proceeds received by Ripple on deliveries of XRP to institutional buyers, hedge funds, ODL customers, and after the charges were filed, were based on previously executed written contracts.
On February 5, Judge Netburn granted the SEC's enforcement motion in its entirety. As a result of Judge Netburn's ruling, Ripple will disclose available financial statements and comply with the SEC regarding post-petition revenue from pre-petition agreements by the pre-disclosure deadline of February 12, 2024. He said he would answer questions.
However, Ripple has been in the process of creating XRP sales contracts to institutional investors, hedge funds, and ODL customers since a period of about three years ago, citing difficulties associated with gathering and drafting the contracts. asked for an extension of time. Please submit your documents by the previous deadline.
In this case, Ripple has not requested any other deadline changes and the deadline remains the same. Legal briefs are expected to be filed in March and April this year, after which the court will decide which remedies to impose.
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Tomiwavoldo Olajide
