Ripple Challenges SEC's Financial Requirements

Ripple questions the relevance of the requested information to the court's decision to impose penalties in the case.

Ripple Challenges SEC's Financial Requirements

In a court filing on 19 January, Ripple's legal team claimed that the SEC had changed its stance on collecting additional information during the discovery phase, which would require each party to share relevant documents with the other in a legal proceeding.

Earlier in January, the SEC required Ripple to produce audited Financial Statements for fiscal years 2022 and 2023, disclosing the sale or transfer of XRP in connection with Ripple's disclosure to external entities after the initial filing, and providing more detailed information about proceeds from institutional sales of XRP.

“In fact, the parties already have litigated whether post-complaint discovery was proper and in the course of that discovery dispute, the SEC never argued that post-complaint discovery was relevant to remedies but instead took the position that post-complaint conduct was entirely irrelevant to the case,” noted Ripple.

According to Ripple Labs, they have argued that the US Securities and Exchange Commission's (SEC) request to inspect additional financial documents is invalid. They argue that the deadline has passed and that the material is irrelevant to the upcoming April trial.

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