The commission said the request was related to a July ruling in which a judge said XRP only qualified as a security when sold to institutional investors.
Lawyers with the United States Securities and Exchange Commission have filed a motion in federal court attempting to compel Ripple to produce certain documents related to its enforcement action.
In a Jan. 11 filing in the U.S. District Court for the Southern District of New York, the SEC requested Judge Sarah Netburn issue an order requiring Ripple to produce financial statements from 2022 to 2023 and “post-Complaint contracts governing ‘Institutional Sales.’” The commission said the contracts containing information on institutional sales were regarding a July 2023 ruling in which a judge said XRP (XRP) only qualified as a security when sold to institutional investors.
“The SEC requests this limited and targeted discovery to aid Judge Torres in determining whether, having found Ripple liable for violating Section 5 of the Securities Act of 1933, […] the Court should impose relief such as injunctions and civil penalties and, as to the latter, in what amount,” said the filing.
