XRP Legal Battle Heats Up as SEC Pushes for Documents and Appeals Ruling

Ripple Labs XRP case against the SEC is heating up once more. On Thursday, the SEC filed a new motion requesting Ripple to turn over two key documents: its audited financial statements for the period 2022 to 203 and the contract that guided there institutional sales of XRP starting December

The SEC is also asking for leave to appeal an earlier judgement from Judge Analisa Torres that prohibited some of the Ripple’s sales which were not securities. This follows up the fact that Judge Torres had declared Ripple’s programmatic sales and other XRP distributions legal, also stating that; XRP is not a security.

There are already rifts in the legal world, as Pro-XRP lawyer Bill Morgan says that with this round of motions from the SEC, it seems like they have said their final goodbyes about XRP and began fighting over what remedies should be made for Ripple’s sales to institutional investors.

“The war over the non-security status of XRP has ended,” Morgan said on X (formerly Twitter). “Now, the battle for post-complaint ODL sales since December 2020 has just started.”

12 th February is the deadline for all discovery concerning the remedies phase of this lawsuit. Finally, Judge Torres will analyze the appropriate punishment for Ripple’s sale of XRP to institutional investors. Ripple made $770 million in revenue from these sales, and that’s what the SEC wants back.

Now what the court will make its ruling on SEC’s latest motions and how or whether this lawsuit will end is still a matter of speculation. However, one thing is clear,the legal fight regarding XRP is far from being over.

Also read:Genesis Global Trading Settles New York Lawsuit for $8M