XRP token rose precipitously, rising more than 25%.
from the Securities and Exchange Commission was granted in part, and denied in part. A motion from Ripple was also granted in part, and denied in part.
The case will move to trial, according to the filing. Where summary judgement was denied, those issues will be raised at trial. "Having considered the economic reality and totality of circumstances surrounding the Institutional Sales, the Court concludes that Ripple’s Institutional Sales of XRP constituted the unregistered offer and sale of investment contracts in violation of Section 5 of the Securities Act," the ruling states.
The ruling went on to say that having"considered the economic reality and totality of circumstances, the Court concludes that Ripple’s Programmatic Sales of XRP did not constitute the offer and sale of investment contracts."© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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