SEC maintains pressure for Ripple’s financial records in legal dispute
The U.S. Securities and Exchange Commission (SEC) said in a Jan. 23 court filing that its demands for Ripple’s audited financial statements for the last two years were “procedurally proper” and “relevant. ”
Last week, Ripple opposed the SEC’s demands for these documents, describing the request as untimely, irrelevant, and unjustifiable. The crypto company further argued that both parties had previously agreed that post-compliant discoveries were unnecessary, and reevaluating this requirement might unnecessarily prolong the proceedings.
SEC response
In response to Ripple’s opposition, the SEC highlighted the procedural propriety of its discovery requests, adding that the solicited information was highly relevant and specifically targeted to aid its case.
The financial regulator also pointed out that subsequent developments in the case have clarified the need for further discovery.
“Ripple argues that the SEC’s requests are untimely and cites the initial April 2021 scheduling order (Opp. at 2) as contemplating only one discovery period. Ripple is wrong. Subsequent developments have made clear that this initial order was not the last word on discovery,” SEC wrote.
