Ripple Fights Back Against SEC Over Financial Disclosures in Ongoing XRP Lawsuit

The post Ripple Fights Back Against SEC Over Financial Disclosures in Ongoing XRP Lawsuit appeared first on Coinpedia Fintech News

To ensure a win in the upcoming trial, the United States Securities and Exchange Commission (SEC) has been pushing the court to compel Ripple Labs to disclose its strategic financial statements regarding XRP sales since the beginning of the ongoing lawsuit in late 2020 to June 2023.

However, Ripple Labs’ lead attorneys, including Andrew J Ceresney, have now written a sur-reply to Hon. Sarah Netburn, a United States Magistrate Judge from the Southern District of New York, in response to the recent reply by the US SEC’s motion to compel the blockchain payment company to disclose its XRP financial statements for the past three years.

According to Ripple’s legal counsel, the demands made by the US SEC are ‘overly burdensome’ as the defendant did not disclose the exact financial details in the ongoing Zakinov lawsuit, as claimed.

“The Court should disregard these misstatements of fact raised for the first time in the SEC’s reply,” the letter noted. 

Ripple Is Committed to Win the US Market

Ripple has indicated that it has substantial liquidity and financial support to run it through the regulatory hurdles. Notably, Ripple CEO brad garlinghouse brad garlinghouse ceo at ripple Brad Garlinghouse is one of the world’s largest crypto payments processors; he is an extremely popular name across the global crypto landscape. He has previously served as the CEO of Hightail, a file-sharing service, and is also an active angel investor. He is currently serving as the CEO of financial technology company Ripple Labs. He joined Ripple as COO in April 2015, answering to the CEO and prime supporter, Chris Larsen. He was elevated to CEO in December 2016.   Previously, he also worked at AOL and Yahoo! From 2003 to 2008, he filled in as Senior Vice President at Yahoo!, where he ran its Homepage, Flickr, Yahoo! Mail, and Yahoo! Courier divisions. While at Yahoo!, he wrote an inner update known as the "Peanut Butter Manifesto," requiring the organization to zero in on its core business instead of extending itself excessively far, much like peanut butter.  EntrepreneurInvestorChief Executive OfficerBoard Member has severally reiterated that an inevitable Initial Public Offering (IPO) for the blockchain payment will not be a fundraising ceremony but instead a step toward the next phase of growth.

Meanwhile, Ripple is part of Fairshake, a federal super PAC registered with the Federal Election Commission (FEC), that has raised $78 million to ensure leaders who support crypto and blockchain technology are elected.

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XRP Price Action

After consolidating for the past five years, XRP is finally approaching the apex of the triangular pattern that signals an inevitable bullish breakout. However, XRP bulls must defend the rising trend that began last year to ensure a drop below 40 cents never happens again.