Judge Sarah Netburn set a deadline of Feb. 12 for Ripple to comply with an order to provide information related to post-complaint contracts for the SEC.
A federal judge has signed off on an order allowing the United States Securities and Exchange Commission (SEC) to request certain financial documents from Ripple.
In a Feb. 5 filing in U.S. District Court for the Southern District of New York, Magistrate Judge Sarah Netburn granted a motion from the SEC requiring Ripple to produce financial statements from 2022 to 2023 and contracts governing “institutional sales” — one of the critical issues concerning whether XRP qualifies as a security. The post-complaint contracts could allow the SEC to rebut Ripple’s claims that its conduct has complied with the court following the initial filing.
“The controversy before this Court is whether to order Ripple to answer this interrogatory and not what weight to assign to Ripple’s response,” said Judge Netburn regarding the request for post-complaint XRP institutional sales proceeds. “Because the SEC has made a sufficient showing that this information may assist the Court in fashioning its remedy, Ripple must respond to the Interrogatory.”
