There is a recent development concerning the ongoing legal battle between blockchain company Ripple Labs and the U.S. Securities and Exchange Commission (SEC) over the security status of the digital asset XRP.
On Thursday, prominent pro-XRP lawyer Bill Morgan declared on social media platform X that the “war” between Ripple and the SEC over whether XRP is a security has ended.
Morgan’s statement comes in response to the SEC’s latest motion in the case, in which the agency detailed its earlier attempt to file an interlocutory appeal challenging Judge Analisa Torres’ decision that certain XRP sales were not securities violations.
The SEC is now requesting documents related to Ripple’s 2022-2023 audited financials and post-complaint contracts controlling institutional XRP sales.
According to Morgan, while the broader battle over XRP’s status may be over following Judge Torres’ rulings, a fierce legal fight over remedies related to post-complaint institutional sales could emerge.
Both sides face a February 12 deadline to conclude discovery related to potential remedies.
The SEC aims to recoup $770 million from Ripple’s institutional XRP sales, while Ripple has objected to the SEC’s requests. The upcoming remedy phase will determine what penalties, if any, Ripple may face over the institutional sales.
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