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SEC vs Ripple: Lawyers Declare Request for Financial Statements as ‘Irrelevant’

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SEC vs Ripple: Lawyers Declare Request for Financial Statements as ‘Irrelevant’


In a nutshell

  • the SEC’s request for additional financial documents was rejected by Ripple’s legal team because they thought it was too late and unjustifiable.
  • The crypto company emphasizes previous discoveries in its argument that the request is irrelevant and burdensome.

Swell Labs additionally communicated worries that the furthest down the line improvement could prompt possible deferrals of the procedures.


Ripple’s legal team has rebuffed the US Securities and Exchange Commission’s (SEC) request for additional financial documents.

On January 19, the defense counsel rejected the SEC’s request, deeming it untimely and unjustifiable.



Ripple Challenges SEC Demands

The SEC had mentioned Wave’s examined fiscal reports for 2022 and 2023, alongside present agreeable agreements related on the deal or move of XRP to non-worker counterparties. Additionally, the regulator requested information regarding the specific complaint contracts’ XRP Institutional Sales proceeds.

Nonetheless, Wave fought that the SEC’s solicitation is “insignificant,” accentuating that the two players had recently concurred that post-agreeable revelations were pointless. Additionally, the company argued that the SEC did not adequately justify each request.






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Ripple is concerned about delays and believes that reevaluating whether its post-compliant behavior violated the law could delay the proceedings, necessitating a thorough and extended period of fact discovery. Lawyers also expressed concern that the SEC’s summary procedure might deny it the usual safeguards for pre-suit investigations.

Also, Wave’s direction fought that the administrative body can’t singularly expand its interrogatories for the situation. Thus, Wave called for denying the SEC’s solicitation, naming it “oppressive,” especially with the cutoff time having slipped by.

“The SEC’s request for irrelevant and burdensome post-complaint discovery, especially given the close of fact discovery, should be denied,” the lawyers wrote.

This most recent advancement happens inside the scenery of the continuous lawful debate among Wave and the SEC. Despite Ripple’s historic victory last year, which established that selling XRP tokens to the general public was not a security, the company anticipates possible obstacles. Quite, the preliminary between the gatherings is scheduled to begin in April, adding to the circumstance’s intricacies.



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