The post Ripple vs. SEC Update: SEC’s New Demand in Ripple Lawsuit appeared first on Coinpedia Fintech News
On Tuesday, January 23, the United States Securities and Exchange Commission (SEC) filed a motion to US magistrate Judge of the Southern District of New York, Hon. Sarah Netburn, in further support of its motion to compel Ripple Labs to disclose certain financial documents regarding XRP sales after the 2020 legal action.
The US SEC’s attorneys, led by Jorge G. Tenreiro, argued that the discovery requests on the targeted XRP transactions are procedural and proper, as Ripple is believed to have violated investment contracts per the Howey test in the regular institutional sales.
The US SEC’s motion noted that Ripple’s pre-complaint contracts show that Ripple and its Institutional Sales counterparties made a pre-complaint commitment to exchange XRP for cash. However, Ripple has denied any violations and argued any discovery after the legal complaint in 202 should not be co
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