A federal judge decided in favour of the Securities and Exchange Commission (SEC), ordering Ripple to comply with the regulator’s post-complaint discovery requests regarding XRP. Ripple must also respond to an interrogatory about the amount of XRP institutional sales profits received after the SEC lawsuit was filed.
Today, a federal judge said TN and VA are likely to prevail in their antitrust suit against the NCAA.
Although the court declined to issue a TRO, the judge reasoned the NCAA can be held monetarily liable for any harms, thus negating the need for a TRO.
— TN Attorney General (@AGTennessee) February 7, 2024
The judge grants the Ripple motion against Ripple.
On Monday, U.S. Magistrate Judge Sarah Netburn decided in favour of the Securities and Exchange Commission (SEC) against Ripple Labs over XRP.
I asked the Judge, on the record at a Bench conference in a criminal trial today, to dismiss the case and grant my motion to go play outside 😂 Everyone laughed when the court reporter said “you know that’s all on the record 😆 !”
— kc ashmore (@kcashmore1) February 7, 2024
The securities regulator is seeking an order ordering Ripple to publish “2022-2023 financial statements” and “post-complaint contracts governing ‘institutional sales.'” The SEC also wants the cryptocurrency firm to “answer an interrogatory regarding the amount of XRP institutional sales proceeds it received after the complaint was filed,” according to a court document filed on Monday.
The Ripple motion is granted in full.
The court also considered Ripple’s arguments for the SEC’s motion. The cryptocurrency firm claimed that the securities watchdog’s inquiries are “untimely” and that the agency “has failed to justify each of its requests on the merits.” Ripple further stated that “the information the SEC seeks has no bearing on the court’s remedy determination.”
🧑⚖️ The judge granted the SEC's motion to compel #Ripple to provide its 2022-2023 financial statements (since Ripple is not a publicly traded company, it did so voluntarily) and the contracts governing institutional sales of #XRP.https://t.co/dMMDvWemtt
— GN Crypto 🇺🇦 (@GNcrypto_news) February 6, 2024
Regarding Ripple’s financial statements, the court document states, “At this stage, the Court sees no basis to short-circuit that inquiry by denying access to readily available information that may be probative in the remedy stage.”
Regarding the post-complaint contracts, “the Court is not convinced that the production of these contracts will result in an improper or costly ‘ mini-trial,'” as Ripple feared. Regarding post-complaint XRP institutional sales revenues, the judge found that “the SEC has made a sufficient showing that this information may assist the Court in fashioning its remedy,” but that “Ripple must respond to the interrogatory.”
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