Ripple Refuses SEC’s Data Requests, Escalating Lawsuit: What Comes Next?

Ripple Rejects SEC’s Request for Financial Data, Calls it Unnecessary and Inaccurate

The ongoing battle between Ripple Labs and the United States Securities and Exchange Commission (SEC) is intensifying. The SEC is seeking detailed financial information from Ripple for the period between late 2020 and June 2023. However, Ripple’s CEO, Brad Garlinghouse, is refusing to comply, stating that the SEC’s demands are burdensome and unnecessary. He also highlights that the exact financial details were not disclosed in the ongoing Zakinov lawsuit, as claimed by the SEC. Ripple’s legal team is urging the court to disregard these alleged misstatements.

Despite the legal drama, Ripple wants to assure everyone that it is financially capable of handling regulatory challenges. Garlinghouse, a prominent figure in the crypto industry, emphasizes that the upcoming Initial Public Offering (IPO) is not just about raising funds but represents a strategic move towards future growth. Ripple has been collaborating with financial institutions, regulators, and central banks worldwide to establish regulatory frameworks for cryptocurrencies and blockchain technology.

In a surprising twist, Ripple has joined Fairshake, a political action committee registered with the Federal Election Commission (FEC). This PAC has raised a substantial $78 million to support leaders who are favorable towards crypto and blockchain. This political move adds an interesting dimension to Ripple’s overall strategy.

Moving away from legal and financial jargon, let’s shift our focus to XRP, Ripple’s digital asset. After a period of consolidation, XRP is showing potential for a breakthrough with a triangular pattern indicating a bullish surge. However, it is crucial for XRP enthusiasts to defend the upward trend that began last year in order to prevent a drop below 40 cents.

Join the conversation: Whose side are you on in the Ripple vs. SEC clash?

Tags: Ripple (XRP), SEC