2024

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 <p class="is-style-lead">A federal judge ruled that Ripple must <a rel="noopener noreferrer nofollow" title="disclose" href="https://thebittimes.com/tag/disclose.html">disclose</a> its <a rel="noopener noreferrer nofollow" title="financial" href="https://thebittimes.com/tag/financial.html">financial</a> records and <a rel="noopener noreferrer nofollow" title="details" href="https://thebittimes.com/tag/details.html">details</a> of XRP <a rel="noopener noreferrer nofollow" title="sales" href="https://thebittimes.com/tag/sales.html">sales</a> 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 XRP 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 @SECGov has won its motion to compel @Ripple to produce its 2022-2023 financial statements, post-complaint contracts governing institutional sales of $XRP, and answer questions regarding the amount of $XRP institutional sales proceeds it received. pic.twitter.com/lyPBSBZcJi</p>— Eleanor Terrett (@EleanorTerrett) February 5, 2024
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 <p>Ripple must also produce documentation related to its contracts and institutional XRP <a rel="noopener noreferrer nofollow" title="sales" href="https://thebittimes.com/tag/sales.html">sales</a> proceeds following the SEC’s complaint filing. 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 SEC accused Ripple Labs 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 decision by Judge Analisa Torres, which found that Ripple’s institutional sales of XRP constituted a securities offering, albeit programmatic sales did not.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/sec-wins-motion-to-disclose-ripple-financial-statements-xrp-sales-details-tbt78955.html">https://thebittimes.com/sec-wins-motion-to-disclose-ripple-financial-statements-xrp-sales-details-tbt78955.html</a></p>

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

TheBitTimes

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