In what is certainly an interesting development for the ongoing case, Ripple (XRP) has been forced by Judge Sarah Netburn to turn in all financial records. Indeed, Judge Netburn granted the US Securities and Exchange Commission (SEC) motion to access the firm’s records from 2022 through 2023.
The occurrence is the latest event to take place in the years-long court battle between the regulator and Ripple Labs. Subsequently, former prosecutor James K. Filan posted the court document to X (formerly Twitter). There, the court complied with the motion to compel “in its entirety.”
Also Read: Ripple: Can XRP Reach $1 in 2024?
Judge Grants SEC Motion to Access Ripple Financial Records
Within the digital asset market, the ongoing legal conflict between the SEC and Ripple has captivated the industry. To this point, Ripple has received some notable victories. Specifically, in the form of a previous ruling that XRP secondary sales did not constitute securities. However, the SEC has notched a clear win here.
Indeed, Ripple (XRP) has been forced by Judge Sarah Netburn to turn in all financial records. The ruling was in response to an SEC motion, which the court has required Ripple to fully comply with. Before the ruling, Ripple had filed a response to the motion to compel, stating the request to be untimely and irrelevant.
Moreover, legal expert Bill Morgan stated that the SEC’s request was an attempt to mislead the court. Furthermore, Morgan noted that such tactics were “happening far too often.” Thereafter, Morgan ultimately stated that the decision appears to be a “deliberate long-term campaign to stymie or destroy Ripple.
Conversely, since the start of 2024, XRP has certainly not reached the optimistic levels many had predicted at the end of last year. Currently, the asset is trading at the $0.50 level, and down more than 1% over the last 24 hours according to CoinMarketCap. Many predict that an end to the ongoing SEC lawsuit could have implications, particularly leading to a positive increase.