Ripple Faces SEC Pressure to Disclose Financial Statements
The legal battle between Ripple and the SEC takes a new turn as the SEC seeks to compel Ripple to disclose its financial statements for 2022-2023. This adds complexity to an already intricate case.
Background of the Legal Dispute
The dispute began with a ruling that XRP is not a security, but certain Ripple sales qualify as securities. Both parties agreed on a briefing schedule for remedies, with a deadline of Feb. 12, 2024, for completion of remedies-related discovery.
SEC Accuses Ripple of Selling Unregistered Securities
The SEC accuses Ripple of selling XRP as unregistered securities and earning billions in proceeds. Ripple claims it can structure future sales in compliance with federal securities laws.
Ripple Requests Extension of Time
Ripple has filed a motion for an extension of time to respond to the SEC’s demands, requesting two additional days until Jan. 19.
Hot Take: Legal Feud Continues
The unexpected extension suggests that the legal feud between Ripple and the SEC is far from resolution. Both parties are preparing for more courtroom drama in the future.
This extension follows the SEC dropping charges against Ripple CEO Brad Garlinghouse and co-founder Chris Larsen last year. Garlinghouse has publicly criticized the SEC and accused it of deviating from its mission to protect investors.
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