{"id":10473,"date":"2024-02-06T17:47:07","date_gmt":"2024-02-06T15:47:07","guid":{"rendered":"https:\/\/forklog.com\/en\/court-orders-ripple-to-disclose-financial-documents-to-sec\/"},"modified":"2024-02-06T17:47:07","modified_gmt":"2024-02-06T15:47:07","slug":"court-orders-ripple-to-disclose-financial-documents-to-sec","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/court-orders-ripple-to-disclose-financial-documents-to-sec\/","title":{"rendered":"Court Orders Ripple to Disclose Financial Documents to SEC"},"content":{"rendered":"<p>A US District Judge has granted the <span data-descr=\"U.S. Securities and Exchange Commission\" class=\"old_tooltip\">SEC<\/span>&#8216;s motion to compel Ripple to provide information on its financial performance and institutional sales of XRP, as reported by <a href=\"https:\/\/www.theblock.co\/post\/276104\/judge-orders-ripple-to-hand-over-financial-documents-after-request-from-sec\">The Block<\/a>.<\/p>\n<p>In December 2020, the Commission filed a lawsuit against the company, accusing it of selling unregistered securities in the form of XRP, amounting to approximately $1.3 billion.<\/p>\n<p>Ripple&#8217;s CEO Brad Garlinghouse and co-founder Chris Larsen were also named as defendants.<\/p>\n<p>In July 2023, Judge Analisa Torres ruled in favor of the California-based company, stating that programmatic sales and other distributions of the token did not constitute an offer and sale of investment contracts.<\/p>\n<p>However, the ruling indicated that sales of the coins to major industry players violated US securities laws.<\/p>\n<p>Following this, the Commission filed an interlocutory appeal, which the judge dismissed.<\/p>\n<p>In October, the SEC dropped charges against Garlinghouse and Larsen.<\/p>\n<p>The case regarding Ripple&#8217;s institutional sales of XRP continues.<\/p>\n<p>The court has ordered Ripple to provide additional financial information to determine the potential penalties. The company must disclose its financial statements and contracts for 2022-2023 related to token sales to institutions and respond to inquiries about the corresponding revenues.<\/p>\n<p>During the hearings, Ripple representatives argued that the firm&#8217;s financial status was irrelevant to the issues at hand. The court found no issue with disclosing &#8220;readily accessible data.&#8221; The court also agreed with the SEC&#8217;s argument that the requested information is crucial for reaching a fair decision.<\/p>\n<p>Earlier, attorney Jeremy Hogan suggested that the case against Ripple might not conclude until 2027.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A US District Judge has granted the SEC&#8216;s motion to compel Ripple to provide information on its financial performance and institutional sales of XRP, as reported by The Block. In December 2020, the Commission filed a lawsuit against the company, accusing it of selling unregistered securities in the form of XRP, amounting to approximately $1.3 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":10472,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1162,112,128],"class_list":["post-10473","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-court-cases","tag-ripple","tag-sec"],"aioseo_notices":[],"amp_enabled":true,"views":"22","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/10473","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=10473"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/10473\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/10472"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=10473"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=10473"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=10473"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}