The News Crypto -
- The SEC has surprised many by filing a motion compelling Ripple to disclose its financial statements for 2022–2023 in the ongoing legal battle.
- The request adds complexity to an already intricate case between the SEC and Ripple, known for its legal maneuvers.
- The SEC specifically seeks information on the amount of XRP institutional sales proceeds after the complaint filing.
The legal tussle between the Securities and Exchange Commission (SEC) and Ripple has taken an unforeseen twist. The SEC, in a move that caught many off guard, has filed a motion seeking an order compelling Ripple to disclose its financial statements for the years 2022–2023.
This unexpected request introduces a new layer of complexity to a case already marked by intricate legal maneuvers.
#XRPCommunity #SECGov v. #Ripple #XRP The @SECGov has filed a Motion to Compel @Ripple to produce (a) its financial statements for the years 2022-2023; and (b) its post-Complaint contracts governing “Institutional Sales."https://t.co/Egc4wpf7UY— James K. Filan (@FilanLaw) January 11, 2024
SEC’s New Request: Seeking XRP Sales Disclosures
In a recent development, the SEC’s motion seeks to compel Ripple to disclose the amount of XRP institutional sales proceeds it received after the filing of the complaint for contracts entered into pre-complaint. The SEC accuses Ripple of persistently selling XRP as unregistered securities while amassing substantial funds.
According to the SEC, Ripple has expressed an unwavering intent to continue selling XRP to “institutional sales” buyers in on-demand liquidity (ODL) transactions.
Ripple, in response, contends that it can structure future sales in compliance with federal securities laws, challenging the necessity for an injunction as claimed by the regulator.
Legal Maneuvering Continues
In light of the SEC’s demands, Ripple has filed a Motion for Extension of Time, requesting an additional two days until Jan. 19 to formulate its response. This move signals that the legal drama, now spanning three years, is far from reaching a resolution.
The SEC’s unexpected request for financial statements indicates a potential intensification of the legal battle, setting the stage for another round of legal maneuvers in this high-stakes confrontation between Ripple and the SEC.
The cryptocurrency community is closely watching as the courtroom drama unfolds, with implications for the regulatory landscape surrounding digital assets.
This article was originally published on thenewscrypto.com
