Fred Rispoli, a senior managing partner at Hodl Law, has changed his opinions about the current XRP lawsuit between Ripple and the US Securities and Exchange Commission (SEC).
Rispoli conveyed his updated insights via X . The decision, made by the US district court with Judge Sarah Netburn in charge, declares that Ripple has to show its financial documents for 2022 and 2023.
Court’s Emphasis on Financial Disclosure Shapes Ripple’s Legal Outlook
This directive aims to shed light on Ripple’s financial activities after the summary judgment. Specifically, it will look at what its contracts and institutional sales mean.
#XRPCommunity #SECvRipple My Updated Thoughts:
Well, shoot. I was hoping SEC was moving on to other pastures but I guess not. There is still a chance that SEC eventually concedes after the final order on damages (remember that’s probably coming mid-summer) but I’m starting…1/5— Fred Rispoli (@freddyriz) February 6, 2024
Despite Ripple’s concerns about a possible “mini-trial,” the court stressed how important these financial papers were in deciding the right civil penalties and injunctions. Rispoli’s reaction to this change in the law shows that he was both surprised and changed his assumptions.
In his commentary, Rispoli talked in detail about the effects of the court’s ruling. He emphasized that the SEC’s focus on Ripple’s financial disclosures and sales after the complaint has made the damages part of the case more important.
Rispoli didn’t like Ripple’s plan to challenge the discovery process. He said that Ripple could have avoided future lawsuits about these transactions by being open about their sales after the complaint.
Based on the lawyer’s analysis, the SEC is actively going after Ripple’s business practices to impose strict rules that could threaten the company’s institutional operations.
