Ripple Court Ruling: Company Must Share Financial Statements

Crypto News – According to court documents dated Monday, a judge in New York has ordered Ripple Labs to provide specific financial accounts and details about the institutional sale of XRP tokens at the request of the SEC.

Ripple Court Ruling: Company Must Share Financial Statements

Early in January, the SEC issued a request in response to a ruling that was crucial in the case against the cryptocurrency company, which is charged with selling unregistered securities in the nation. The cryptocurrency sector hailed Judge Analisa Torres‘ July order, which limited the violation of U.S. law to Ripple’s institutional sales of XRP, as a triumph in their attempts to elucidate the regulatory approach to digital assets.

Torres Finds Ripple Responsible

The requested records will help Torres decide whether to award injunctions or civil fines for the period since then, and if warranted, how much, the SEC said in its request. Torres found Ripple accountable for violations prior to the lawsuit being filed in 2020. Since the complaint was launched, Ripple has been required to turn up contracts governing institutional sales as well as financial accounts for 2022–2023, according to an order signed by Magistrate Judge Sarah Netburn on Monday.