- Ripple responded to the US SEC’s filing on January 19.
- The payment giant is arguing against the SEC’s need for more information, stating that it is irrelevant.
- Ripple’s lawyers challenge the SEC’s motion to compel and say new information won’t affect penalties or injunctions.
Ripple, the crossborder payment remittance firm, filed its response to the SEC’s motion to compel, on January 19, 2024. In its response, the firm outlined its argument and lawyers noted that the US financial regulator is asking for irrelevant information.
Ripple files response to SEC motion to compel
Ripple’s lawyers filed a response to the US financial regulator’s motion to compel. The payment remittance firm argued that the SEC is asking for irrelevant information to subvert the legal process.
The regulator wants to explore the firm’s finances and XRP sales by Ripple but the payment remittance giant objected. The fact discovery process closed months ago, according to Ripple’s lawyers the regulator had ample opportunity for the same.
Ripple’s lawyers raised three key procedural issues:
- Fact discovery closed months ago and the SEC missed their chance to ask Ripple for more information
- Re-opening of discovery is unfair to the litigation
- SEC has used up their allotted interrogatories
Information, if any, won’t affect potential penalties or injunctions for Ripple. The firm has challenged the SEC’s need for additional information to assess penalties. The argument is that new information is not needed for old actions and an injunction based on new information will not address the regulator’s initial allegations against the payment giant.
At the time of writing, XRP price is $0.5498.