Tuesday, 25 June 2024
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CryptoCrypto Regulations

SEC Increases Pressure on Ripple with New Action

  • To obtain more financial disclosures, the US SEC has intensified its legal action.
  • In vehement opposition to the SEC’s move, Ripple claims the demands are out of date and unrelated to the case.
  • The business contends that the Commission has brought on a new round of litigation without sufficient grounds.

To obtain more financial and contractual disclosures from Ripple Labs, the US Securities and Exchange Commission (SEC) has intensified its legal action.

In an appeal to Southern District of New York Judge Sarah Netburn, the SEC requested that Ripple provide all post-complaint contracts for XRP sales to non-employee parties, along with audited financial statements for 2022 and 2023.

SEC Increases Pressure

The SEC contends that these records are essential for figuring out the right course of action, highlighting the significance of Ripple’s recent financial activity and sales agreements to the case.

In vehement opposition to the SEC’s move, Ripple claims the demands are out of date and unrelated to the case. The business contends that the Commission has brought on a new round of litigation without sufficient grounds and that the SEC was given a sufficient chance to request this material during the first round of discovery.

Additionally, Ripple argues that the SEC’s requested material has no bearing on the court’s choice of remedies, especially about its post-complaint sales and financial standing.

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