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Ripple Faces SEC Pressure for Financial Transparency in Ongoing Legal Saga

The ongoing legal battle between Ripple, a US-based blockchain payments company, and the US Securities and Exchange Commission (SEC) has taken a fresh twist as the SEC is now pushing for Ripple to reveal its financial statements for the years 2022-2023. This development has added further complexity to an already intricate case.

The legal dispute originally stemmed from a July 13 ruling that declared XRP, the cryptocurrency initially issued by Ripple, as not being a security. However, it was determined that certain sales of Ripple made under written contracts should be classified as securities.

Both Ripple and the SEC had previously agreed upon a joint briefing schedule to address the remedies following this ruling, with a deadline set for February 12, 2024, to complete the necessary discovery related to remedies.

Nevertheless, the recent motion filed by the SEC aims to compel Ripple to disclose information about the amount of proceeds generated from institutional sales of XRP that occurred after the filing of the complaint but were tied to contracts entered into prior to the formal complaint.

SEC accuses Ripple of selling XRP as unregistered securities

The SEC has accused Ripple of continuously selling XRP as unregistered securities, resulting in substantial proceeds for the company running into billions of dollars.

In response, Ripple has stated its intention to continue selling XRP to “institutional sales” buyers through On-Demand Liquidity (ODL) transactions. Ripple claims that it can structure its future sales in compliance with federal securities laws.

Ripple has filed a Motion for Extension of Time in response to the SEC’s demands, seeking an additional two days until January 19 to formulate its response.

This unexpected extension indicates that the ongoing legal dispute, which has been ongoing for three years, is far from reaching a resolution. Both parties seem to be gearing up for further courtroom battles in the foreseeable future.

It’s worth noting that the extension request comes after the SEC dropped securities law violation charges against Ripple CEO Brad Garlinghouse and co-founder Chris Larsen in October of the previous year.

Brad Garlinghouse has been vocal in his criticisms of the SEC, publicly expressing his discontent. In November of the same year, he accused the agency of straying from its primary mission of protecting investors.

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