Ripple CLO Clears Growing Confusion Surrounding Ripple vs. SEC Lawsuit đ”ïžđ
Conflicting reports on #Ripple vs. SEC case fuel confusion.Legal battleâs key moments and upcoming deadlines scrutinized.SECâs relentless pursuit faces obstacles in Ripple lawsuit.
Thereâs uncertainty swirling around the ongoing legal battle between Ripple 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. In December 2020, the SEC launched a 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 didnât constitute securities offerings. Despite the SECâs attempt to appeal, the interlocutory appeal was quashed. Late 2023 saw the dismissal of charges against Rippleâs top brass, rendering the planned pretrial conference moot.
Though the conference fizzled, the legal tussle persists. Upcoming milestones loom, notably Rippleâs April 22, 2024 response deadline to the SECâs penalty request, which seeks nearly $2 billion for alleged securities law violations.
As whispers of a settlement circulate, the SECâs pursuit of cryptocurrency firms remains unyielding, prompting speculation of further appeals. However, the regulatorâs pursuit of the $2 billion penalty faces hurdles, with the courtâs stance in the Govil lawsuit challenging its ability to demand such hefty fines without proof of investor losses.
