The SEC Requests Ripple Labs’ Financial Statements
The US Securities and Exchange Commission (SEC) has requested Ripple Labs’ financial statements for 2022 and 2023. Ripple has asked for an extension to comply with the request. The SEC is also seeking the contracts that Ripple used to sell XRP to institutional investors after a court ruling in July 2023 deemed these sales as unregistered securities offerings.
SEC Wants Financial Statements to Deter XRP Sales
The SEC alleges that Ripple continued to sell XRP to institutional investors despite the court ruling. Ripple claimed in its July report that the ruling did not apply to transactions with overseas clients, but the SEC believes this was incorrect. The requested financial statements and contracts will help the judge determine whether civil penalties should be imposed on Ripple and how much those penalties should be.
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Ripple Refutes XRP Market Dump Allegations
Ripple is refuting claims that it sold a large amount of XRP in December. A researcher alleged that Ripple sold 327 million XRP, almost three times their usual monthly tally. However, Ripple’s CTO stated that the sales figures would be included in the company’s upcoming market report. These allegations may explain why the SEC is requesting Ripple’s post-ruling contractual agreements.
Hot Take: Potential Suppression of XRP Price
Over two-thirds of respondents agree that Ripple’s selling of XRP could be suppressing its price. The asset is currently priced at $0.598.
Disclaimer
In adherence to the Trust Project guidelines, please note that this article aims to provide accurate information, but readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.
