January 12, 2024 at 11:58 AM GST 1 min read News
  • SEC’s motion demands Ripple’s financial statements for 2022-2023, intensifying the legal battle.
  • Judge Torres’ ruling indicates Ripple’s sales of XRP violated securities rules, complicating its position.
  • The ongoing legal tussle could lead to a potential settlement, impacting Ripple’s future in crypto.

In a significant development in the cryptocurrency legal world, Ripple is once again embroiled in a legal dispute with the Securities and Exchange Commission (SEC).

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The SEC has escalated its legal actions against Ripple by filing a motion to compel the company to produce financial statements for 2022-2023 and post-complaint contracts related to institutional sales. This move by the SEC on January 11 seeks to obtain crucial financial documents and sales contracts from Ripple.

The request was sent to Magistrate Judge Sarah Netburn of the Southern District of New York, following a ruling by Judge Analisa Torres. Judge Torres, in her July 13, 2023, decision, found Ripple in violation of securities laws through the unregistered sale of XRP to institutional buyers and others. The judge noted that Ripple’s sales of approximately $729 million in XRP were not considered commodity or currency transactions.

As Ripple and the SEC have not reached a conclusion regarding the latest document request, the court has given both parties a month’s time post the discovery deadline to submit their cases.

This development fuels speculation about a possible settlement, which could significantly influence Ripple’s trajectory in the cryptocurrency industry.

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