Cryptocurrency

Bitcoin ETF

James

<div class="finbold">
 <p class="paragraph">In a significant move in the ongoing legal skirmish between the Securities and Exchange Commission (SEC) and Ripple Labs Inc., the SEC has <a rel="noopener noreferrer nofollow" title="filed" href="https://thebittimes.com/tag/filed.html">filed</a> a <a rel="noopener noreferrer nofollow" title="motion" href="https://thebittimes.com/tag/motion.html">motion</a> with the Southern District of New York.</p>
 <p class="paragraph">On January 11, the agency sought to compel Ripple to yield financial documents and details regarding its XRP sales. In particular, the SEC framed the action as critical for determining appropriate remedies for what they deem necessary.</p>
 <p class="paragraph">Notably, the <a rel="noopener noreferrer nofollow" title="filed" href="https://thebittimes.com/tag/filed.html">filed</a> <a rel="noopener noreferrer nofollow" title="motion" href="https://thebittimes.com/tag/motion.html">motion</a> specifies a request for Ripple’s financial statements from 2022 to 2023. Moreover, request post-complaint contracts that dictate what the SEC calls “Institutional Sales.” Judge Analisa Torres previously determined these sales to be unregistered offerings and sales of securities, according to the <a rel="noopener noreferrer nofollow" title="motion" href="https://thebittimes.com/tag/motion.html">motion</a>.</p>
 <p class="paragraph">Ripple, despite its participation in the remedy-focused discovery process, has staunchly opposed revealing post-complaint discovery documents. However, the SEC refutes Ripple’s basis for refusal, citing a court order.</p>
 <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
  <div class="wp-block-embed__wrapper">
   <blockquote class="twitter-tweet" data-width="500" data-dnt="true">
    <p lang="en" dir="ltr">#XRPCommunity #SECGov v. #Ripple #XRP The @SECGov has <a rel="noopener noreferrer nofollow" title="filed" href="https://thebittimes.com/tag/filed.html">filed</a> a Motion to Compel @Ripple to produce (a) its financial statements for the years 2022-2023; and (b) its post-Complaint contracts governing “Institutional Sales."https://t.co/Egc4wpf7UY</p>— James K. Filan (@FilanLaw) January 11, 2024
   </blockquote>
  </div>
 </figure>
 <h2 class="wp-block-heading" id="h-sec-vs-ripple-historical-background">SEC vs. Ripple historical background</h2>
 <div class="not-prose relative overflow-auto scrollbar-hide mb-8 mt-8">
  <div class="relative w-full flex gap-6 snap-x snap-mandatory overflow-x-auto">
   <div class="max-w-[300px]">
    <div class="py-0 first:pt-0 last:pb-0">
     <div class="flex gap-x-4">
      <div class="shrink-0  w-24"><img data-src="https://cdn.thebittimes.com/images/2024/01/12/78dfde0c2b92062cde2097211f3d1608.webp" alt class=" w-full rounded-md lazy">
      </div>
      <div>
       Cryptocurrency 
       <h3 class="font-bold leading-6 " id="chatgpt-predicts-xrp-price-after-bitcoin-etf-approval">ChatGPT predicts XRP price after Bitcoin ETF approval</h3>
       <div class="sm:flex gap-x-3 mt-2">
       </div>
      </div>
     </div>
    </div>
   </div>
   <div class="max-w-[300px]">
    <div class="py-0 first:pt-0 last:pb-0">
     <div class="flex gap-x-4">
      <div class="shrink-0  w-24"><img data-src="https://cdn.thebittimes.com/images/2024/01/12/13c5d9dc6c509439274600b681ea3f1e.webp" alt class=" w-full rounded-md lazy">
      </div>
      <div>
       Cryptocurrency 
       <h3 class="font-bold leading-6 " id="top-10-addresses-holding-xrp-control-40-of-all-tokens">Top 10 addresses holding XRP control 40% of all tokens</h3>
       <div class="sm:flex gap-x-3 mt-2">
       </div>
      </div>
     </div>
    </div>
   </div>
   <div class="max-w-[300px]">
    <div class="py-0 first:pt-0 last:pb-0">
     <div class="flex gap-x-4">
      <div class="shrink-0  w-24"><img data-src="https://cdn.thebittimes.com/images/2024/01/12/dd291ed4eaba16e86774e241ba4fcc8e.webp" alt class=" w-full rounded-md lazy">
      </div>
      <div>
       Cryptocurrency 
       <h3 class="font-bold leading-6 " id="ripple-sells-100-million-xrp-this-week-as-bitcoin-etf-decision-looms">Ripple sells 100 million XRP this week as Bitcoin ETF decision looms</h3>
       <div class="sm:flex gap-x-3 mt-2">
       </div>
      </div>
     </div>
    </div>
   </div>
   <div class="max-w-[300px]">
    <div class="py-0 first:pt-0 last:pb-0">
     <div class="flex gap-x-4">
      <div class="shrink-0  w-24"><img data-src="https://cdn.thebittimes.com/images/2024/01/12/42c320c8cca1ecec6e7a7a662dec2019.webp" alt class=" w-full rounded-md lazy">
      </div>
      <div>
       Cryptocurrency 
       <h3 class="font-bold leading-6 " id="xrp-hits-5-million-active-accounts">XRP hits 5 million active accounts</h3>
       <div class="sm:flex gap-x-3 mt-2">
       </div>
      </div>
     </div>
    </div>
   </div>
   <div class="max-w-[300px]">
    <div class="py-0 first:pt-0 last:pb-0">
     <div class="flex gap-x-4">
      <div class="shrink-0  w-24"><img data-src="https://cdn.thebittimes.com/images/2024/01/12/1048edfe5e8b1a67056eb00bc67a7faf.webp" alt class=" w-full rounded-md lazy">
      </div>
      <div>
       Cryptocurrency 
       <h3 class="font-bold leading-6 " id="short-squeeze-alert-for-january-9-two-cryptocurrencies-that-could-soar">Short squeeze alert for January 9: Two cryptocurrencies that could soar</h3>
       <div class="sm:flex gap-x-3 mt-2">
       </div>
      </div>
     </div>
    </div>
   </div>
  </div>
 </div>
 <div class="mb-4 bg-slate-50 rounded-md layout-adjustment">
  <div id="finbold.com_middle" style="min-width: 300px; min-height: 250px;">
  </div>
 </div>
 <p class="paragraph">On July 13, 2023, Judge Analisa Torres ruled that Ripple violated Section 5 of the Securities Act of 1933 through unregistered XRP sales, primarily to institutional buyers. The sales amounted to over $700 million, with contracts that suggested XRP as a security, not a currency or commodity. Ripple’s contracts were significant in determining the illegality of these transactions.</p>
 <p class="paragraph">In response, Ripple issued a Market Report attempting to clarify misconceptions, asserting that most of their sales post-SEC lawsuit involved parties outside the United States. Therefore, Ripple’s continued business seemed unaffected by the U.S. legal proceedings. Despite this, some of Ripple’s XRP offers and sales were not considered security transactions by the court.</p>
 <p class="paragraph">On November 14, the SEC served multiple requests to Ripple focused solely on the remedies for previous violations. However, Ripple declined to produce any documents or respond to any interrogatories. Now, the SEC seeks Ripple’s financial statements for 2022-2023, post-complaint sales contracts. In addition to the specific proceeds from XRP sales after the initial complaint.</p>
 <h2 class="wp-block-heading" id="h-xrp-price-analysis-following-the-motion">XRP price analysis following the motion</h2>
 <p class="paragraph">In the meantime, XRP has barely moved from its price on January 11 opening candlestick, at around $0.59. The token has traded in a range between $0.586 and $0.623, slightly trending downwards in the hourly action.</p>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="661" src="https://cdn.thebittimes.com/images/2024/01/12/18429f9edfd68395aecb81b9b6d9495c.webp" alt class="wp-image-148824" srcset="https://cdn.thebittimes.com/images/2024/01/12/18429f9edfd68395aecb81b9b6d9495c.webp 1024w, https://cdn.thebittimes.com/images/2024/01/12/18429f9edfd68395aecb81b9b6d9495c.webp 300w, https://cdn.thebittimes.com/images/2024/01/12/18429f9edfd68395aecb81b9b6d9495c.webp 768w, https://cdn.thebittimes.com/images/2024/01/12/18429f9edfd68395aecb81b9b6d9495c.webp 1536w, https://cdn.thebittimes.com/images/2024/01/12/18429f9edfd68395aecb81b9b6d9495c.webp 1875w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   XRP hourly price chart. Source: <em>TradingView</em>
  </figcaption>
 </figure>
 <p class="paragraph">Interestingly, Ripple spent 100 million XRP worth approximately $56 million this week as part of its monthly unlocks. The company still holds another 100 million tokens from the 200 million XRP kept in January.</p>
 <p class="paragraph">All things considered, this recent <a rel="noopener noreferrer nofollow" title="motion" href="https://thebittimes.com/tag/motion.html">motion</a> puts extra pressure on Ripple, which could affect XRP’s selling and market value.</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em> The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
 <p class="paragraph"></p>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/ripple-is-under-the-gun-with-a-newly-filed-motion-by-the-sec-what-s-next-for-xrp-tbt76423.html">https://thebittimes.com/ripple-is-under-the-gun-with-a-newly-filed-motion-by-the-sec-what-s-next-for-xrp-tbt76423.html</a></p>

Ripple is under the gun with a newly filed motion by the SEC; What’s next for XRP?

Table of Contents

TheBitTimes

Other articles published on Jan 12, 2024

Genesis to surrender BitLicense, pay $8m fine in NYDFS lawsuit

Bitcoin Exchange Binance Announces It Will Support Network Upgrade and Hard Fork of This Altcoin!

Here Are the Coins that Will Benefit the Most from the Bitcoin ETF Approval

Franklin Templeton lowers fees for Bitcoin ETF, gaining a competitive edge

Shiba Inu and Pushd soaring as XRP consolidates

Notice of Changes to PlayDapp Tournament Event

Join our free newsletter for daily crypto updates!