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.
“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.
🚨NEW: The has won its motion to compel to produce its 2022-2023 financial statements, post-complaint contracts governing institutional sales of , and answer questions regarding the amount of institutional sales proceeds it received. 👇🏼
— Eleanor Terrett (@EleanorTerrett)
Ripple must also produce documentation related to its contracts and institutional XRP sales 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.
“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.
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.
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.
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