Ripple challenges SEC request for financials, alleging it's untimely and irrelevant
Jan 19. 2023
By Ciaran Lyons
Lawyers representing Ripple Labs have declared that the United States Securities and Exchange Commission's (SEC) request to examine additional financial documents is not valid. They argued that the deadline has already passed and the material isn't relevant to the upcoming trial date in April.
In a recent court filing on Jan. 19, Ripple's legal team claimed that the SEC has changed its stance on collecting additional information during the discovery phase — which requires each party to share relevant documents with the other as part of the legal process.
Just last week the SEC demanded that Ripple produce audited financial statements for the financial years 2022 and 2023, disclose all contracts related to the sale or transfer of XRP (XRP 🔻$0.55) to external entities made after the initial filing, and provide additional details on the institutional sale proceeds from XRP
However, the deadline for requesting material during the fact discovery phase concluded in August 2021. Ripple argued that the SEC had “ample opportunity” to demand what material they deemed necessary.
“In fact, the parties already have litigated whether post-complaint discovery was proper and in the course of that discovery dispute, the SEC never argued that post-complaint discovery was relevant to remedies but instead took the position that post-complaint conduct was entirely irrelevant to the case.”
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