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In a surprising turn of events, the judge in the ongoing lawsuit between the U.S. Securities and Exchange Commission (SEC) and Ripple Labs has ordered Ripple to produce its financial statements for 2022-2023 and documents related to XRP institutional sales.
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The case, which has been dragging on for nearly three years, took a new twist on Monday when the SEC’s request for the documents was granted. The SEC’s intention is clear: to obtain the necessary information to conduct the trial fairly and efficiently. However, Ripple has been reluctant to comply, citing confidentiality concerns.
Last year, Judge Analisa Torres of the U.S. District Court for the Southern District of New York ruled that XRP’s institutional sales constituted securities offerings. However, she ruled that individual sales were not covered. This ruling signaled that the documents in question would be requested.
Ripple objected to this decision, arguing that the company’s financial health is irrelevant to the case and that it refuses to provide the documents.
The judge dismissed this objection, stating that it was wrong to withhold the documents necessary to expedite the trial.