Ripple Ordered to Hand Over Financial Documents

A US district judge has ordered Ripple to provide more information about its financials and institutional sales of XRP, which is a victory for the Securities and Exchange Commission.

The SEC sued Ripple over allegedly unregistered sales of XRP more than three years ago. Last year, a New York court ruled that sales of XRP to institutional investors were illegal, but sales to retail investors were not.

On Monday, the court granted the SEC’s request for Ripple to provide additional information so that it can determine the appropriate penalties.

This includes 2022-2023 financial statements and contracts related to institutional sales of XRP, as well as answers to questions about the amount of proceeds received from these sales.

In its defense, Ripple argued that its financial status was not relevant to the case.