US Court Orders Ripple to Release Financial Statements
American watchdog, the Securities and Exchange Commission (SEC), has successfully obtained a court ruling requiring Ripple Labs Inc. to provide its financial statements for 2022-2023. The court also approved the SEC’s request for information on post-complaint contracts related to institutional sales of XRP and details about the amount of XRP institutional sales proceeds received by Ripple.
Ripple’s Ongoing Legal Battle with the SEC
Ripple has been engaged in a long-standing legal dispute with the SEC, which shows no signs of subsiding despite a recent ruling by Judge Analisa Torres on XRP. The SEC’s demand for Ripple’s financial statements is part of the ongoing lawsuit that began in December 2020.
The regulator argues that these documents are crucial for Judge Torres to make informed decisions regarding XRP and to evaluate potential injunctions and civil penalties against Ripple.
Ripple Opposes SEC’s Request
Ripple views the SEC’s request as a tactic to gain an advantage in the lawsuit and has promptly opposed it. The company argues that the regulator failed to request discovery at the appropriate time and that the request is irrelevant to the court’s remedies determination.
Despite Ripple’s opposition, the court has sided with the SEC, signaling potential challenges ahead for Ripple in its legal battle.
Hot Take: Ripple Faces Uphill Battle in Legal Dispute with SEC
The latest court ruling ordering Ripple to release its financial statements represents a significant setback for the crypto payment firm. This decision may pave the way for a more challenging legal fight against the SEC, potentially impacting any potential settlement between the two parties.
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