A U.S. judge has required Ripple Labs to hand over past financial statements to fulfill a request filed by the Securities and Exchange Commission (SEC) several years ago, according to court documents.
In a filing Monday, Judge Sarah Netburn sided with the SEC and ordered Ripple to produce records for 2022-2023. Ripple must also answer questions about the proceeds from institutional sales of XRP.
Ripple Labs claims its financial documents are “top secret.” Last month, the fintech company challenged the SEC’s request to release its financial documents.
Ripple, the fintech company that founded the
But last year, Ripple scored a partial victory in a court case against the SEC when it ruled that programmatic sales of XRP to individual investors did not qualify as securities.
Even though the judge said it had awarded $728 million worth of institutional sales contracts. did Investors and Ripple Labs interpreted the partial ruling as a win for the broader cryptocurrency industry, as it amounted to a sale of unregistered securities.
Last month, Ripple CEO Brad Garlinghouse criticized Wall Street’s biggest regulator, calling the SEC “very hostile.” He added that SEC Chairman Gary Gensler is a “political liability” and that his approach to regulating the cryptocurrency industry is ineffective.
Edited by Ryan Ozawa.
