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> 
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   <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>
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<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> 
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<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

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