The post <a href="https://coinpedia.org/news/sec-and-ripple-legal-drama-moves-ahead-as-sec-demand-another-compelling/">SEC and Ripple Legal Drama Moves Ahead as SEC Demand Another Compelling</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a> 
Ripple is in legal trouble again with the Securities and Exchange Commission. SEC has filed a motion to compel Ripple to produce financial statements for the year 2022-2023 and also it has post-complaint contracts governing “institutional Sales”. 
<h2 class="wp-block-heading" id="h-sec-s-motion-to-compel">SEC’s Motion to Compel</h2> 
This intense drama between Ripple and SEC is moving ahead when SEC filed its request on 11 January asking the court to order Ripple to hand over financial statements and sales contracts.&nbsp; 
The letter has been sent to the Southern District of New York Magistrate Judge Sarah Netburn which comes long after examining by Judge Analisa Torres passed down her summary judgment in the case, who is partly known to be on the Ripple side. 
Torre’s ruling on July 13, 2023, has agreed that Ripple has violated rules by offering and selling securities through unregistered transactions to certain primarily institutional buyers, hedge funds, and ODL customers. 
Judge Torres encountered that Ripple illegally sold approximately $729 million in XRP via these sales, reasoning, among other things, that certain provisions in the Institutional Sales contracts support the conclusion that the parties did not view the XRP as a sale of a commodity or a currency. 
<h2 class="wp-block-heading" id="h-what-s-next">What’s Next?</h2> 
The SEC claimed that till now Ripple has not presented any of the post-complaint documents at all. After connecting to the matter many times through calls and emails, SEC and Ripple didn’t come to any conclusion regarding the latest document request. 
“Even though Ripple has unjustifiably objected to all requests, the SEC is only moving to compel on two narrow document requests and one interrogatory,” the SEC in Thursday filing. 
The Court has considered SEC’s request and has given one month time to after the remedies-related discovery deadline to submit its case to the court and Ripple also has one month time to object to it. It is speculated that both parties will to the settlement this time.

SEC and Ripple Legal Drama Moves Ahead as SEC Demand Another Compelling

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