Ashley Prosper asserts that XRP holders will not see the content of Ripple’s financial records until March 13, when the SEC files its remedies brief.
In an exciting development, popular XRP community member Ashley Prosper took to the X/Twitter platform to clear some misconceptions regarding the ongoing lawsuit between the SEC and Ripple.
Prosper pointed out that February 20 is the extended deadline for the remedies-related discovery in the lawsuit. Notably, the deadline corresponds with the date Ripple is expected to produce its financial records in compliance with the court’s directive.
#XRP #XRPCommunity
To clear up some misconceptions. Tomorrow is the extended deadline in the #Ripple v #SEC case for remedies-related discovery. We will not see anything Ripple has handed over until the SEC files its brief on March 13 and don’t expect much on that front. Also,… pic.twitter.com/lLvRt5RICP— Ashley PROSPER (@AshleyPROSPER1) February 20, 2024
With XRP community members eager to see the content of Ripple’s financial statements, Prosper noted that the document will not be available to the public until March 13, when the SEC files its remedies-related brief.
Potential End Date of SEC V. Ripple
Furthermore, the expert dismissed the rumors swirling in the XRP community that Judge Analisa Torres’ final judgment on the case is due by April.
Citing the remedies schedule order, Prosper said April 29 is the deadline for the final submission of the remedies brief. Afterward, he expects the judge to issue the final judgment between July and August.
However, Prosper added that Judge Torres could wait until next year before issuing the highly anticipated final judgment.
He emphasized that the SEC v. Ripple lawsuit will end in April only through a settlement. While the option of a settlement has been in the cards for Ripple since the lawsuit started, the SEC has not signaled any intention to settle.
Legal experts speculate that the commission is bent on making an example of Ripple to send a strong message to other crypto projects.
Ripple Secures Most Victories Against SEC
So far, things have not gone in the regulator’s way, with Ripple securing the majority wins. For instance, the crypto payments company won the rulings on XRP programmatic sales and other distributions, with the coin declared as a non-security.
The SEC also withdrew its claims against Ripple executives Brad Garlinghouse and Chris Larsen. Last year, the court denied the SEC’s interlocutory appeal request. On the other hand, the SEC emerged victorious against Ripple regarding the rulings on XRP institutional sales.
Furthermore, the court also granted the commission’s motion to compel Ripple to produce its financial records. The submission of the records is due today, February 20.
Notably, the upcoming documents would include Ripple’s audited financial statements from 2022 to 2023 and post-complaint contracts governing institutional sales of XRP. Additionally, the company will also disclose the revenue it received by selling XRP to institutional clients after the SEC filed the lawsuit in December 2020.
According to the SEC, the financial records are crucial in determining whether an injunction should be imposed concerning Ripple’s future institutional XRP sales.
