Summary
The Securities and Exchange Commission (SEC) has won a motion in its case against Ripple. Judge Sarah Netburn ordered Ripple to produce its financial statements for 2022-2023, post-complaint contracts, and institutional XRP sales proceeds. The SEC argued that this documentation would help determine possible injunctions and civil penalties. Ripple previously filed a response, stating that the request was “untimely” and irrelevant. The court has a February 12 deadline for discovery related to the potential remedy of the suit. The SEC alleged that Ripple Labs conducted an unregistered securities offering worth $1.3 billion.
Key Points
1. The Securities and Exchange Commission (SEC) won a motion in its case against Ripple.
2. Judge Sarah Netburn ordered Ripple to produce its financial statements for 2022-2023.
3. Ripple will also have to produce its post-complaint contracts and the institutional XRP sales proceeds that occurred after the filing of the SEC’s complaint.