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Market News The SEC Demands Financial Statements and Sales Contracts from Ripple

The SEC Demands Financial Statements and Sales Contracts from Ripple

In the ongoing litigation concerning XRP sales, the SEC is requesting a court order requiring Ripple to furnish financial and contractual information as a component of the discovery pertaining to remedies.

TOP1 Markets Analyst

2024-01-12

12511

Blockworks reports that Ripple is being ordered by the Securities and Exchange Commission (SEC) to furnish financial statements and sales contracts through a court order. The request was submitted to Magistrate Judge Sarah Netburn of the Southern District of New York on Thursday. This occurs months after Judge Analisa Torres rendered a summary judgment in which she partially supported Ripple, stating that programmatic sales through cryptocurrency exchanges do not qualify as an unregistered securities offering, whereas institutional sales of Ripple's XRP token do.

Ripple's financial statements for the years 2022 and 2023, in addition to contracts pertaining to institutional sales that were executed subsequent to the initial complaint lodged in December 2020, are presently being requested by the SEC. Furthermore, in regard to pre-complaint contracts, the SEC has requested that Ripple divulge the earnings generated from institutional transactions at the time the complaint was lodged. In order to assist Judge Torres in determining suitable injunctions and civil penalties for Ripple, the information is indispensable.

As the February 12th deadline for discovery pertaining to remedies approaches, the letter was formally submitted. This is the first motion filed by the SEC in relation to the November-scheduled damages discovery period. Ripple, according to the SEC, has not submitted any post-complaint discovery. Concerning the SEC's most recent request, the two parties have been unable to reach a consensus despite numerous Zoom calls and emails; the court is tasked with resolving the impasse.

Their request is reasonable, according to the SEC, because courts routinely consider post-complaint conduct when determining remedies. The SEC has one month from the discoveriest date to present its case concerning Ripple's remedies, and Ripple has an additional month to raise any objections. A settlement agreement between the parties regarding remedies is conceivable; however, such an agreement would necessitate court sanction.