Ripple’s Legal Battle: A Chronicle of Victories and the Path Ahead in 2024
The Securities and Exchange Commission (SEC) has witnessed a series of consecutive victories in legal proceedings, notably the ruling on July 13 that XRP does not qualify as a security, and the decision on October 3 to deny the SEC’s request for a preliminary injunction.
On October 19, the SEC dismissed all remaining charges against Ripple’s CEO, Brad Garlinghouse, and Executive Chairman, Chris Larsen. The SEC’s stunning surrender marked a decisive turning point, barring future attempts to reassert these claims, constituting a final, non-appealable judgment.
There was no settlement, and there will be no trial against Ripple’s executives going forward. The case has now entered the remedial phase, wherein the court will determine any remedies, if warranted, in light of the court’s ruling that certain institutional sales constituted securities sales.
While 2023 proved noteworthy for Ripple with its victories, the company anticipates further triumphs in 2024. Alderotti expects that by 2024, the final chapter of the misleading lawsuit brought by the SEC against Ripple will conclude. Moreover, after the resolution of the Ripple lawsuit, the SEC’s regulatory campaign against other industry leaders is anticipated to continue.
In line with this, Stuart Alderotti, Ripple’s Chief Legal Officer, has outlined his bold vision for cryptocurrency policy and regulation in 2024.
Key Dates in 2024:
Certain Ripple sales executed under written contracts were deemed investment contracts and hence securities. In this regard, both parties recommended establishing a joint timeline for remediation efforts.
Following the submission of this joint remediation timeline on November 9, the court considered both parties’ proposal and set crucial deadlines.
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By February 12, 2024, both Ripple and the SEC must conclude discovery relating to remedies. The SEC must provide its summary regarding remedies by March 13, 2024. By April 12, 2024, Ripple must submit its objections, and by April 29, 2024, the SEC must provide its response, if any.
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