Final Decision on Ripple’s Reparations for XRP Sales
After a prolonged legal battle against the SEC, Ripple awaits the final decision on the reparations it must pay for its institutional sales of XRP. On July 13, 2023, Judge Analisa Torres ruled that retail sales of XRP were not securities sales, but institutional sales did qualify as such. Now, both parties need to agree on the amount of damages Ripple should pay.
SEC’s Motion to Compel
The SEC filed a Motion to Compel Ripple on January 11, requesting the company to produce its financial statements for 2022-2023 and post-complaint contracts related to institutional sales. Ripple’s legal team responded by asking the court to deny the SEC’s requests, arguing that they were untimely and unjustified.
SEC’s Reply in Further Support
In response to Ripple’s opposition, the SEC filed a Reply in Further Support of its Motion to Compel. The regulator argued that its motion was not untimely and that remedies-related discovery is common in securities law violations cases. They emphasized that post-complaint facts are often considered when determining appropriate remedies.
XRP Price Update
At present, the price of XRP stands at $0.5147. It has experienced a 0.98% increase in the last 24 hours, partially recovering from a 10.03% loss over the previous week and a 17.47% drop on its monthly chart.
Hot Take: Final Verdict Approaching
The final decision regarding Ripple’s reparations for XRP sales is imminent. After Judge Analisa Torres determined that institutional sales qualified as securities sales, both parties are now working towards reaching an agreement on the damages Ripple must pay. The SEC’s Motion to Compel and Ripple’s response have set the stage for a crucial phase in this legal battle. As the XRP price experiences some recovery, the outcome of this case will have significant implications for the cryptocurrency industry as a whole. All eyes are on the court’s final verdict, which will shape the future of Ripple and potentially impact how cryptocurrencies are regulated.
By
By
By
By