The SEC has won a request to compel Ripple to disclose its financial reports for 2022-2023.

The SEC has won a request to compel Ripple to disclose its financial reports for 2022-2023, institutional XRP sales contracts post-lawsuit, and earnings from these sales.

The SEC has won a request to compel Ripple to disclose its financial reports for 2022-2023.

A recent ruling by a U.S. district judge has directed Ripple, the blockchain company behind XRP, to furnish additional financial information and details regarding institutional sales of the cryptocurrency following a request from the Securities and Exchange Commission (SEC).

The SEC filed a motion compelling Ripple to disclose its 2022-2023 financial statements and contracts governing institutional sales of XRP. This legal development comes amidst a longstanding legal dispute between Ripple and the SEC concerning alleged unregistered sales of XRP.

In a previous ruling, Judge Analisa Torres of the Southern District Court of New York determined that sales of XRP to institutional investors were unlawful securities sales, while “blind bid” sales to retail investors were not in violation.

Ripple contested the SEC’s motion, arguing that its financial health was irrelevant to the case. However, the court disagreed, emphasizing the importance of accessing relevant financial information that could impact the determination of appropriate penalties in the ongoing legal proceedings.

The judge supported the SEC’s assertion that information on post-complaint institutional sales of XRP is crucial in evaluating the necessity of imposing an injunction on Ripple.

As of now, Ripple has not issued any public statement in response to the court’s ruling. The outcome of this legal battle could have significant implications for Ripple and the wider cryptocurrency industry.

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