The Commission

when

<p>The <a href="https://bitcoinist.com/ripple-vs-sec-legal-expert/">long-running legal battle</a> between the <a href="https://www.newsbtc.com/crypto/sec-announcement-crypto/#:~:text=What%20The%20SEC's%20Latest%20Announcement%20Means%20For%20The%20Crypto%20Industry,-by%20Scott%20Matherson&amp;text=A%20recent%20announcement%20by%20the,actions%20have%20had%20on%20it." rel="nofollow noopener" target="_blank">Securities and Exchange Commission</a> (SEC) and Ripple is set to take further shape, with the discovery deadline coming up on February 20. The Commission is expected to be furnished with all the documents needed to get the case done and dusted.</p> 
<h2 id="ripple-set-to-produce-post-complaint-contracts">Ripple Set To Produce Post-Complaint Contracts</h2> 
<p>As <a href="https://bitcoinist.com/sec-victory-ripple-disclosure-financial-statements/">ordered by the court</a>, Ripple has until February 20 to produce its contracts for the sale of XRP to institutional buyers, hedge funds, and ODL customers in a period that dates back to as far as 2021. These contracts form part of what was requested by the SEC in its motion to compel, which <a href="https://bitcoinist.com/sec-victory-ripple-disclosure-financial-statements/">Judge Sarah Netburn granted</a>.</p> 
<p>As revealed in its <a href="https://x.com/FilanLaw/status/1754978222805020750?s=20" rel="nofollow" target="_blank">request</a> for an extension of time, Ripple has already produced its 2022-2023 financial statements and responded to the SEC’s interrogatory about post-complaint proceeds. However, the crypto firm had then asked for the remedies-related discovery deadline to be extended to February 20 because of the “burdens and difficulty” in collecting and producing those contracts by the previous deadline of February 12.&nbsp;</p> 
<p>This ‘<a href="https://bitcoinist.com/ripple-sec-proposed-schedule/">remedies-related discovery</a>’ stage dates as far back as November 9, 2023, when both parties agreed to 90 days for “limited expert discovery” as it relates to remedies. This is specifically to help the SEC (and the court) decide on the appropriate remedy for <a href="https://bitcoinist.com/ripple-judge-deems-xrp-sale-non-investment-contract/">Ripple’s violation of securities laws</a> through their XRP institutional sales.&nbsp;</p> 
<p>Once the discovery stage is done, the case is expected to proceed to the ‘remedies-related briefing’ stage, where the SEC addresses the courts on its findings from documents provided by Ripple. The Commission is then expected to make certain demands from the court regarding the penalty that should be imposed on Ripple.&nbsp;</p> 
<h2 id="demands-the-sec-might-make">Demands The SEC Might Make</h2> 
<p>The Commission is almost certain to request of the court to award a monetary fine against Ripple. The SEC had mentioned in their <a href="https://bitcoinist.com/xrp-lawsuit-sec-targets-ripple-core-business/">motion to compel</a> that they were requesting Ripple’s 2022-2023 financial statements in order to assist the court in reaching an appropriate remedy.&nbsp;</p> 
<p>Pro-XRP lawyer John Deaton <a href="https://www.newsbtc.com/ripple-2/sec-700-million-ripple-xrp/" rel="nofollow noopener" target="_blank">once mentioned</a> that the regulator was demanding $770 million, so they may still be holding on to that. Meanwhile, there is the possibility that the SEC might ask for an injunction as it relates to Ripple’s institutional sales.&nbsp;</p> 
<p>The crypto firm argues that it has already structured its post-complaint conduct in compliance with the <a href="https://bitcoinist.com/breaking-ripple-win-as-judge-rejects-secs-appeal/">court’s rulings</a>. However, the <a href="https://bitcoinist.com/ripple-settlement-lawsuit-gcc/">Commission isn’t convinced</a> and is seeking to look at the terms of the post-complaint institutional sales contracts in order to avoid any further violations.&nbsp;</p> 
<p><img loading="lazy" decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/lzngz4MV/" alt="XRP price chart from Tradingview.com (Ripple vs. SEC)" width="3286" height="1530"></p>

Ripple Vs. SEC: Recovery Deadline Looms Overhead, What This Means

목차

Bitcoinist

2024년 2월 19일에 게재된 다른 기사

Analyst Who Predicted Bitcoin’s Fall at $69k in 2021 Reveals 2024’s Three Hottest Cryptocurrencies

Weekly Roundup 02.11. - 02.17.

Chiliz Partners with K-League for Blockchain Integration

South Korean Ruling Party Eyes Bitcoin ETF and Easing IEO Investment Ban

Binance Ends Support for Leveraged Tokens

SOL and DOGE Price Prediction for February 19

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!