Ripple v. SEC case update as of January 24, 2024

After Ripple scored several major wins in the years-long court standoff against the United States Securities and Exchange Commission (SEC), the cryptocurrency community is waiting for the final decision on the reparations the blockchain company has to pay over its institutional sales of XRP.

Indeed, in a momentous decision on July 13, 2023, Judge Analisa Torres declared that no retail sales of the XRP token were securities sales but said institutional sales did qualify as such, leaving the two parties to try and agree on the amount of damages Ripple has to pay.

Throwing motions and replies

In this context, the SEC filed on January 11 a Motion to Compel Ripple to produce its financial statements for 2022 – 2023 and its post-complaint contracts governing institutional sales, per a document shared by defense attorney and former federal prosecutor James K. Filan.

Following its Motion for Extension of Time until January 19 to respond to the SEC’s Motion to Compel, Ripple’s legal team filed its response opposing it upon the granted time limit, in which it asked the court to deny the government agency’s requests, arguing there were untimely and unjustified.

Finally, the regulator filed its Reply in Further Support of its Motion to Compel on January 24, presenting Judge Sarah Netburn with a counter-argument that its motion was not untimely as “the parties have long contemplated remedies-related discovery” and that there was a justification for its requests:

“Opp. at 1, courts routinely consider post-complaint facts when fashioning remedies for securities laws violations, without the need for ‘full proceeding[s]’ as to whether such ‘conduct violated the law.’

Meanwhile, the price of the XRP token at the center of the lawsuit at press time stood at $0.5147, recording an increase of 0.98% in the last 24 hours, as the crypto asset moved to reverse the 10.03% loss from the previous seven days and the 17.47% drop it accumulated on its monthly chart.

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