There has been a new development in the lawsuit between the US Securities and Exchange Commission and Ripple, which has been going on since December.
According to the latest information, Magistrate Sarah Netburn ordered the US Securities and Exchange Commission (SEC) to answer some of Ripple's questions.
🔥Responses Requested From SEC
According to the latest statements, Netburn decided to use Ripple to determine whether the claims made by the US Securities and Exchange Commission can be supported by facts. decided to answer some of 's persistent questions .
In this case, the SEC will need to explain why Ripple's XRP sales are in the position of investment contracts. In the statements made at this point, “The SEC's legal theory is not an excuse to avoid responding to the factual inquiries of the defendants. Nor is it a basis for answering a question other than the one asked.” words were used.
Additionally, the SEC will have to state whether it believes Ripple's moves are the key to boosting the XRP price . However, Ripple's questioning of whether the XRP Ledger was fully functional prior to the launch of the securities offering was dismissed as being too vague.
🔥Not All Questions Can Be Answered
Netburn also prompted the SEC to take action for a protective order, which allowed the regulator not to respond to all of Ripple's "reasonably burdensome" inquiries. The SEC claimed that it would take 104 days without any breaks and sleep to meet all 29,947 requests.
Additionally, earlier this week, the court ruled that Ripple accepted the SEC's motion to extend the expert discovery date to January 14, 2022, despite 's objections.