A U.S. district judge has ordered Ripple to provide additional information about the company’s financials and institutional sales. XRP
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regulator be sued Three years ago, Ripple mentioned unregistered XRP sales. Last year, Judge Annalisa Torres of the Southern District of New York rule While XRP sales to institutional investors were illegal securities sales, retail “blind bid” sales were not.
On Monday, the court granted the SEC’s motion to force Ripple to provide more information so the court can determine the appropriate penalty. Companies must provide 2022-2023 financial statements and agreements governing institutional sales of XRP. You will also need to answer questions regarding the XRP institutional sale proceeds you received.
Ripple: “Financial soundness is not important”
In opposing the SEC’s decision, Ripple said the company’s financial health was irrelevant to the issue. However, the court ruled that it was “unfounded.” We stop inquiries by denying them access to readily available information. “We will prove it up to the correction stage.”
The judge also agreed with the SEC that information about institutional sales of XRP after the complaint was relevant in determining “whether an injunction is necessary and warranted.”
Ripple did not immediately respond to The Block’s request for comment.
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About the author
Anna is a senior policy reporter at The Block. She has a background in political journalism and has covered Russian civil society for various media outlets in Moscow, including her award-winning newspaper, Novaya Gazeta. Before joining The Block, Anna spent the past five years researching global cryptocurrency policy and adoption at CoinDesk. Anna says she owns Bitcoin and gift NFTs that have sentimental value.