The legal battle between the Securities and Exchange Commission (SEC) and Ripple took an unexpected turn when the regulator, in an unexpected move, sought a solution. order forcing Ripple to reveal its financial statements for the years 2022-2023. The request, filed yesterday, adds a new layer of complexity to an already convoluted case.
The legal battle between the Securities and Exchange Commission (SEC) and Ripple took an unexpected turn when the regulator, in an unexpected move, sought a solution. order forcing Ripple to reveal its financial statements for the years 2022-2023. The request, filed yesterday, adds a new layer of complexity to an already convoluted case.
Following the July 13 ruling, which determined that XRP itself is not a security but certain Ripple sales made under written contracts qualify as securities, both sides agreed to a joint reporting schedule for remedies. The court had set a deadline of February 12, 2024 to complete discovery related to the repairs.
What’s new?
In a recent development, the SEC filed a motion to compel Ripple to disclose the amount of XRP institutional sales revenue it received after the lawsuit was filed for contracts entered into prior to the lawsuit. The regulator accuses Ripple of persistently selling XRP as unregistered securities while amassing billions of dollars.
In the words of the SEC, Ripple appears unfazed and affirms its intention to continue selling XRP to “institutional sales” buyers in ODL transactions. Ripple argues that he can structure future sales in accordance with federal securities laws, defying the need for a court order, the regulator states in his motion.
In response to the SEC’s demands, Ripple filed a Motion for Extension of Time, requesting two additional days until January 19 to formulate its response.
As the case takes an unexpected turn, the three-year legal dispute shows no signs of resolution. The latest extension indicates that the court drama is far from over, and both Ripple and the SEC are preparing for another round of legal maneuvering in this high-stakes battle.
