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As the Ripple vs. SEC saga unfolds into 2024, the crypto community eagerly anticipates the grand finale of this lengthy legal dance. Following a pivotal ruling on July 13, 2023, Judge Analisa Torres shook the landscape by deeming retail sales of XRP not as securities, but institutional sales fell under that umbrella, sparking a fierce debate on Ripple's reparations.
In a legal joust, the SEC made a power move on January 11, filing a Motion to Compel Ripple for its 2022-2023 financial statements and post-complaint contracts on institutional sales. Enter Ripple's defense, led by James K. Filan, countering with a vehement response, dubbing the SEC's demands untimely and unjustified. The court, after granting an extension until January 19, witnessed Ripple's legal team vehemently opposing the SEC's push.
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| Source: Debevoise & Plimpton |
Fast forward to January 24, and the SEC makes a theatrical comeback with its Reply in Further Support of its Motion to Compel, contending that the timing was right and just for its discovery requests.
Amidst this legal drama, the XRP token, the linchpin in this courtroom tango, currently boasts a price tag of $0.5147, signaling a 0.98% uptick in the last 24 hours. The crypto asset, in a plot twist, is making strides to reverse a 10.03% slump over the past week and a 17.47% monthly downturn.
Disclaimer: This narrative is not financial advice; it's a journey through speculative realms where your capital boldly ventures at its own risk.
