Ripple Counters SEC’s Ongoing XRP Lawsuit, Asserts its Stance on Financial Disclosures

In an effort to secure a victory in their ongoing legal battle, the United States Securities and Exchange Commission (SEC) has been urging Ripple Labs to disclose its strategic financial statements regarding XRP sales from late 2020 to June 2023. However, Ripple Labs’ lead attorneys, including Andrew J Ceresney, have now responded to the SEC’s motion by writing a sur-reply to United States Magistrate Judge Hon. Sarah Netburn. They argue that the SEC’s demands are excessive and that they did not disclose the exact financial details in the ongoing Zakinov lawsuit, as claimed by the SEC. Ripple has expressed its commitment to the US market and its efforts to work with financial institutions and regulators worldwide to develop regulatory frameworks for crypto and blockchain. The company has also emphasized its substantial liquidity and financial support to navigate regulatory challenges. Ripple CEO Brad Garlinghouse has stated that an eventual Initial Public Offering (IPO) would be a step toward the company’s growth, rather than a fundraising event. Additionally, Ripple is part of Fairshake, a federal super PAC that has raised $78 million to support leaders who are favorable to crypto and blockchain technology. As for XRP’s price action, the cryptocurrency has been consolidating for the past five years and is now approaching a breakout point. XRP bulls must protect the rising trend that started last year to prevent a drop below 40 cents.