Ripple Ordered to Hand Over Financial Records in SEC Battle

Judge Approves SEC Motion

In a recent development regarding the ongoing legal dispute between Ripple and the U.S. Securities and Exchange Commission (SEC), Magistrate Judge Sarah Netburn has granted the SEC's motion to compel Ripple to disclose its financial records.

Financial Records Requested

The court has mandated Ripple to provide its financial records from 2022-2023, including post-complaint contracts on institutional XRP sales. This decision follows the SEC's request to compel Ripple to respond to interrogatories regarding the proceeds from institutional XRP sales after the complaint was filed.

Ripple's Response

Previously, Ripple argued that the SEC's request was untimely and irrelevant. Legal expert Bill Morgan accused the SEC of misleading the court but acknowledged that the XRP community may want transparency regarding Ripple's post-complaint contracts.

Legal Outlook

Morgan suggests that the outcome of this disclosure could impact the likelihood of a permanent injunction against Ripple, though he believes the penalties would be less than Ripple's legal expenses.

Extended Legal Battle

The legal battle between Ripple and the SEC continues to prolong, with one observer referring to it as "forever litigation." The SEC's actions are seen as part of a long-term strategy to disrupt or dismantle Ripple.

XRP Market Performance

Meanwhile, XRP's market value has experienced fluctuations, trading at $0.503 at press time. It recorded a 0.65% drop for the day, with declines of 5.97% over the past week and 11.24% over the last month.

In Conclusion

The recent court decision compels Ripple to disclose its financial records to the SEC, further extending the legal battle. Ripple's market value has experienced recent declines amidst ongoing uncertainty.