Annoying Development in Ripple (XRP) Case: Judge Accepts SEC’s Motion

The US Securities and Exchange Commission (SEC) has won a partial victory in its legal battle with Ripple, the cryptocurrency company behind the XRP altcoin.

The SEC won its request to force Ripple to release 2022-2023 financial statements, post-litigation contracts governing institutional sales of XRP, and answer questions about the amount of XRP institutional sales revenues it received.

The decision was made by judge Sarah Netburn.

The SEC filed a lawsuit against Ripple and two of its executives, Brad Garlinghouse and Christian Larsen, in December 2020, accusing them of raising over $1.3 billion through an unregistered, ongoing digital asset securities offering. The SEC alleged that Ripple sold XRP to investors in the United States and around the world without complying with federal securities laws, which require offerings to be registered or exempt from registration.

However, Sarah Netburn made a decision a while ago that can be described as a Ripple victory and declared that XRPs sold on exchanges do not constitute securities. Although the subsequent rise in XRP price exceeded $0.80, it is trading at $0.50 at the time of writing this article.

*This is not investment advice.

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