Ripple lawyers seek to delay some discovery deadlines, saying requirements are "too onerous"

After District Judge Sarah Netburn granted the SEC’s motion to compel Ripple to provide financial statements for 2022-2023 and a post-complaint XRP institutional sales contract, Ripple’s lawyers have written to Judge Torres to file a new motion. According to the latest court documents, while Ripple has fully complied with the order to submit 2022-2023 financial statements, post-complaint institutional sales contracts, and inquiries regarding post-complaint institutional sales proceeds of XRP, the company continues to believe that the requirement is "unduly onerous," It therefore requests that the deadline for remediation-related discovery be extended from February 12, 2024, to February 20, 2024. The company presented further evidence presented earlier in court claiming it was entitled to seek an extension to any discovery period. (CoinGape) Yesterday’s news that a U.S. district judge has ordered Ripple to provide additional information about the company’s financials and institutional sales of XRP is a victory for the Securities and Exchange Commission (SEC). The regulator sued Ripple more than three years ago for what it said was unregistered sales of XRP. Last year, Judge Analisa Torres of the District Court for the Southern District of New York ruled that sales of XRP to institutional investors were illegal securities sales, but “blind” sales to retail were not. On Monday, the court granted the SEC’s motion asking Ripple to provide more information so the court could determine an appropriate penalty. The company must provide financial statements and contracts governing institutional sales of XRP for 2022-2023; it must also answer questions about the amount of institutional sales revenue it received from XRP.