<ul><li>Court orders Ripple to provide 2022-2023 financial statements and details on post-complaint XRP institutional sales.</li><li>Judge Netburn&#39;s decision emphasizes the importance of Ripple&#39;s post-complaint actions in legal determinations.</li><li>The case could set a precedent for the regulation and enforcement of digital assets by securities laws in the U.S.</li></ul>A landmark decision by the United States District Court for the Southern District of New York has marked a pivotal turn in the ongoing legal confrontation between the Securities and Exchange Commission (SEC) and Ripple Labs. The court <a href="https://storage.courtlistener.com/recap/gov.uscourts.nysd.551082/gov.uscourts.nysd.551082.936.0.pdf" rel="noopener noreferrer nofollow">ruled in favor</a> of the SEC, compelling <a href="https://cryptotale.org/ripples-court-win-fuels-bullish-predictions-for-2023-report/" rel="noopener noreferrer nofollow">Ripple</a> to disclose detailed financial records.Magistrate Judge Sarah Netburn ordered Ripple to provide financial statements for the years 2022-2023 and answer queries about the institutional sales of XRP after the complaint was lodged. This decision came despite Ripple&#39;s contention that the SEC&#39;s demands were not timely and were previously deemed inadmissible by a <a href="https://tmsnrt.rs/3fBcvQB" rel="noopener noreferrer nofollow">June 2021 court ruling</a>. However, Judge Netburn clarified that the previous denial pertained specifically to &#34;expert merits discovery&#34; and did not apply to the current requests.Judge Netburn further emphasized the relevance of Ripple&#39;s post-complaint behavior, particularly through contracts and sales proceeds, in shaping the court&#39;s decision on necessary legal actions. By agreeing that &#34;the purchase of a security occurs when the parties to the transaction are committed to one another,&#34; she affirmed the SEC&#39;s arguments. As such, Ripple&#39;s argument that such information was irrelevant and confidential was overridden.Read full article at<a href="https://cryptotale.org/sec-gains-upper-hand-as-court-compels-ripple-to-disclose-financial-records/" rel="noopener noreferrer nofollow"> CryptoTale.</a>

SEC Gains Upper Hand as Court Compels Ripple to Disclose Financial Records

CryptoTale

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