Court Orders Ripple to Hand Over Financial Documents to SEC
Main page News, Ripple

A federal judge in the United States has granted the US Securities and Exchange Commission's (SEC) request that Ripple provide the regulator with information about XRP's financial revenue and institutional sales.

In December 2020, the Commission filed a complaint against the company for allegedly selling unregistered securities in the form of XRP worth approximately $1.3 billion.

Ripple's co-founders, CEO Brad Garlinghouse and Chris Larsen, were also named in the complaint.

In July last year, Judge Analisa Torres ruled in favor of the California-based company, ruling that the sale of tokens does not constitute the offer and sale of investment contracts. However, according to the decision, the sale of XRP to large investors violated US securities laws.

The SEC filed a motion for reconsideration, but was denied by the judge.

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