The cross-border payment remittance company known as Ripple submitted their response to the motion to compel that the SEC submitted on January 19, 2024. The company provided an explanation of its position, and its attorneys pointed out that the United States financial regulator is requesting material that is not pertinent to the situation.
The SEC has filed a motion to compel Ripple to file a response.
The legal team for Ripple has submitted a response to the United States Financial Regulator’s motion to compel. The payment remittance company contended that the Securities and Exchange Commission is attempting to undermine the legal process by requesting material that is not relevant to the case.
The regulator is interested in investigating the company’s finances as well as the sales of XRP by Ripple, but the payment remittance behemoth has raised objections. The process of fact discovery was completed several months ago, and according to the attorneys for Ripple, the regulator had ample chance to do the same previously.
The legal team for Ripple brought up three significant procedural issues:
- The SEC lost its opportunity to ask Ripple for more information because the fact-finding process was completed several months ago.
- Due to the fact that the SEC has exhausted all of their permitted interrogatories, reopening discovery would be unjust to the action.
- Ripple will not be subject to any penalties or injunctions as a result of any information that may be disclosed.The company has contested the SEC’s requirement that it obtain additional information in order to determine penalties.
- One of the arguments is that fresh information is not required for acts that have already been taken and that an injunction that is based on new information will not address the initial charges that the regulator made against the payment giant.
As this article is being written, the price of XRP is $0.5498.