A U.S. district judge has recently favored the Securities and Exchange Commission (SEC), ordering Ripple to disclose further details about its financials and sales of XRP to institutional investors.
This decision comes as part of an ongoing lawsuit initiated by the SEC over three years ago, accusing Ripple and two of its executives of conducting unregistered sales of XRP. Last year, Judge Analisa Torres of the Southern District Court of New York found that Ripple’s sales of XRP to institutional investors violated securities laws, whereas “blind bid” sales to retail investors did not breach the regulations.
The latest court order forces Ripple to provide comprehensive financial statements for the years 2022-2023, alongside the contracts that outline institutional sales of XRP and the proceeds received from these sales.
Additionally, Ripple is required to disclose the total proceeds received from these institutional sales. This information is essential for the court to assess suitable penalties against Ripple, marking a critical juncture in the legal battle between the SEC and Ripple.
The judge also sided with the SEC in recognizing the importance of post-complaint institutional XRP sales in deciding “whether an injunction is necessary and just.”
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- Source: https://www.cryptocompare.com/email-updates/daily/2024/feb/06/
