2024

Solana

<p class="is-style-lead">A federal judge ruled that Ripple must disclose its financial records and details of XRP sales in the SEC’s lawsuit over an unregistered securities offering.</p> 
<p>Judge Sarah Netburn ruled in favor of the SEC, ordering Ripple to disclose its financial statements for 2022-2023. The decision aims to shed light on Ripple’s financial dealings and the impact of its post-complaint contracts and institutional <a href="https://crypto.news/price/xrp/" data-type="link" data-id="https://crypto.news/price/xrp/">XRP</a> sales on the case’s outcome.</p> 
<p>“At this stage, the Court sees no basis to short-circuit that inquiry by denying access to readily available information that may be probative to the remedy stage,” Netburn said.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">🚨NEW: The <a href="https://twitter.com/SECGov?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@SECGov</a> has won its motion to compel <a href="https://twitter.com/Ripple?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@Ripple</a> to produce its 2022-2023 financial statements, post-complaint contracts governing institutional sales of <a href="https://twitter.com/search?q=%24XRP&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$XRP</a>, and answer questions regarding the amount of <a href="https://twitter.com/search?q=%24XRP&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$XRP</a> institutional sales proceeds it received. 👇🏼 <a href="https://t.co/lyPBSBZcJi" target="_blank">pic.twitter.com/lyPBSBZcJi</a></p>— Eleanor Terrett (@EleanorTerrett) <a href="https://twitter.com/EleanorTerrett/status/1754551051003326824?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">February 5, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p> You might also like: <a href="https://crypto.news/crypto-assets-saw-708m-inflows-last-week-bitcoin-and-solana-lead/"> Crypto assets saw $708m inflows last week; Bitcoin and Solana lead </a> </p> 
<p>Ripple must also produce documentation related to its contracts and institutional XRP sales proceeds following the SEC’s <a href="https://crypto.news/sec-challenges-ripple-with-appeal-over-xrps-status/" data-type="link" data-id="https://crypto.news/sec-challenges-ripple-with-appeal-over-xrps-status/">complaint filing</a>. The court refuted Ripple’s concerns about the potential for a mini-trial, highlighting the importance of these documents in determining appropriate injunctions and civil penalties.</p> 
<p>“Because the SEC has made a sufficient showing that this information may assist the court in fashioning its remedy, Ripple must respond to the interrogatory,” Netburn said.</p> 
<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio">
 <div class="wp-block-embed__wrapper"> <iframe title="SEC / ETH vs. XRP Goes Viral &amp; Ripple US Payments LIVE Soon" width="1020" height="574" src="https://www.youtube.com/embed/ASqy5wUSwSo?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe> 
 </div>
</figure> 
<p>The directive is part of a broader legal conflict that started in 2020 when the <a href="https://crypto.news/xrp-sec-plans-lawsuit-ripple-crypto-community/" data-type="link" data-id="https://crypto.news/xrp-sec-plans-lawsuit-ripple-crypto-community/">SEC accused Ripple Labs</a> of executing an unregistered securities offering worth $1.3 billion. Despite Ripple’s argument that the SEC’s request was “untimely” and “irrelevant,” the court has set a Feb. 12 deadline for discovery related to the case’s potential remedy.</p> 
<p>The case has seen varied rulings, including a July 2023 <a href="https://crypto.news/xrp-is-not-a-security-us-judge-rules/" data-type="link" data-id="https://crypto.news/xrp-is-not-a-security-us-judge-rules/">decision</a> by Judge Analisa Torres, which found that Ripple’s institutional sales of XRP constituted a securities offering, albeit programmatic sales did not.</p> 
<p> Read more: <a href="https://crypto.news/xrp-falls-as-ripple-clashes-with-sec-inqubeta-presale-draws-investors/"> XRP falls as Ripple clashes with SEC, InQubeta presale draws investors </a> </p>

SEC wins motion to disclose Ripple financial statements, XRP sales details

crypto.news

Other articles published on Feb 5, 2024

Russia’s Sberbank Launches Digital Assets, NFT Offerings for Retail Investors

Bitcoin reaches highest monthly volume since September 2022

XRP Consensus Approaches 100% on Clawback as ‘Reversible’ Transactions Fuel Price Speculation

Expert Warns of Potential DeFi Ponzi Scheme Resurgence in Crypto Markets

Altcoin Markets Gearing Up for Q1 Hype Cycle Amid Strong Performance of Ethereum-Based Altcoin, S...

Trump Calls CBDCs a “Very Dangerous Thing,” Criticizes Artificial Intelligence

Join our free newsletter for daily crypto updates!