- Ripple has requested an extension until February 20th to provide the SEC with financial records related to institutional XRP sales, citing the large volume of documents requested.
- This is the latest development in the years-long legal battle between Ripple and the SEC over whether XRP is an unregistered security.
- While Ripple intends to comply with the court order, the ongoing dispute with no end in sight has seemingly hurt XRP’s price performance this year.
The ongoing legal battle between Ripple and the SEC has taken a new turn, with Ripple requesting more time to comply with the SEC’s demands for financial documents. This latest development prolongs the years-long dispute over whether XRP is an unregistered security.
Ripple Seeks Brief Extension to Comply with Discovery Requests
Ripple has asked for an extension until February 20th to provide the SEC with the financial records approved by the court. Ripple says the extension is needed because of the large volume of documents requested, which cover the entire post-complaint period.
According to a February 6th court filing, Ripple intends to comply with Judge Sarah Netburn‘s order but needs more time to gather contracts related to institutional XRP sales over three years. Ripple will still produce available financial statements and respond to the SEC’s questions about proceeds from pre-complaint contracts by the February 12th deadline.
This comes after disputes over the relevance of post-complaint documents. The SEC wanted records to determine penalties, but Ripple initially refused. However, after back-and-forths, the court ruled in the SEC’s favor on February 5th.
Background on the Ripple-SEC Legal Battle
Ripple and the SEC have battled legally for over four years. Ripple scored a major win last year when Judge Analisa Torres ruled XRP sales were not securities offerings. However, she said institutional sales were unregistered.
The ongoing case seems to have hurt XRP’s performance, with its price down around 20% year-to-date. For now, the legal tussle continues with no end in sight.
This latest request for an extension shows the Ripple-SEC case is far from over. While Ripple works to comply with the court order, the long-running dispute remains unresolved. The coming weeks will determine if Ripple can meet the new deadline for financial documents. But for now, the legal saga continues.