Stay up to date with the latest information regarding the lawsuit between the U.S. Securities and Exchange Commission (SEC) and Ripple, magistrate Judge Sarah Netburn recently asked the agency to answer Ripple’s interrogatories.
Court orders SEC to answer Ripple interrogatories
Ripple, however, has failed to bury the SEC in paperwork, with the judge granting the agency’s motion for a protection order against unduly burdensome requests.
Reportedly, the purpose of the court is to determine whether facts can support the plaintiff’s agreements. The agency will have to state why the company’s XRP sales are investment contracts.
“The SEC’s legal theory is not an excuse to avoid responding to Defendants’ factual inquiry. Nor is it a basis to answer a different question than posed”, the court stated.
It is known that in a letter to Magistrate Judge Sarah Netburn, Mark Sylvester, senior trial counsel at the SEC, asked the court not to compel the agency to provide additional answers to Ripple’s contention interrogatories.
But it seems this request has failed. Additionally, the SEC will have to state whether it believes Ripple’s efforts are key to boosting XRP’s price.
However, Ripple’s question as to whether the XRP Ledger was fully operational before the securities offering was rejected as being too vague.
“The Court agrees that this interrogatory seeks relevant information. But Defendants’ interrogatory is too vague for the reasons identified by the SEC”, they stated.
Netburn also filed an SEC request for a protection order. Accordingly, this will allow the regulator not to answer all of Ripple’s unreasonably burdensome interrogations.
The agency stated that responding to all 29,947 requests would take 104 days without rest or sleep. Earlier this week, the court also approved the SEC’s proposal to extend the expert’s detection deadline to January 14, 2022, despite Ripple’s objections.
XRP/USD 4-hour chart | Source: TradingView
This news also doesn’t seem to have too much impact on XRP price. At the time of writing, Ripple’s native token is changing hands at $1.106.
Read more:
- Ripple CEO Brad Garlinghouse: ETH Has Taken The Second Spot Of XRP Because Of SEC Lawsuit
- Despite Legal Troubles In U.S., Ripple Promotes Cross-Border Payments Using XRP In Asia And The Middle East