Ripple CLO Clears Growing Confusion Surrounding Ripple vs. SEC Lawsuit šµļøš
Conflicting reports on #Ripple vs. SEC case fuel confusion.Legal battleās key moments and upcoming deadlines scrutinized.SECās relentless pursuit faces obstacles in Ripple lawsuit.
Thereās uncertainty swirling around the ongoing legal battle betweenĀ RippleĀ and the U.S. Securities and Exchange Commission (SEC) following conflicting reports about a crucial pretrial conference. Crypto influencer Crypto Eri sparked debate by sharing details about a final pretrial meeting slated for April 16, 2024.
However, Stuart Alderoty, Chief Legal Officer at Ripple, swiftly rebutted the claim, asserting its inaccuracy.Ā In December 2020, the SEC launched aĀ lawsuit against Ripple, roping in executives Brad Garlinghouse and Chris Larsen. The accusation? Selling #XRP as an unregistered security, with charges of aiding and abetting these transactions leveled against the executives.
A pivotal moment came in July 2023 when the court ruled that non-institutional sales of XRP didnāt constitute securities offerings. Despite the SECās attempt to appeal, the interlocutory appeal was quashed. Late 2023 saw the dismissal of charges against Rippleās top brass, rendering the planned pretrial conference moot.
Though the conference fizzled, the legal tussle persists. Upcoming milestones loom, notably Rippleās April 22, 2024 response deadline to the SECās penalty request, whichĀ seeks nearly $2 billionĀ for alleged securities law violations.
AsĀ whispers of a settlementĀ circulate, the SECās pursuit of cryptocurrency firms remains unyielding, prompting speculation of further appeals. However, the regulatorās pursuit of the $2 billion penalty faces hurdles, with the courtās stance in the Govil lawsuit challenging its ability to demand such hefty fines without proof of investor losses.