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The U.S. Securities and Exchange Commission (SEC) notified the court of the stipulated dismissal of the SEC’s pending claims against individual defendants Ripple CEO Brad Garlinghouse and executive chairman Chris Larsen. Now, the SEC and Ripple seek to confer on a potential briefing schedule for the pending issue of institutional sales of XRP.
Ripple and SEC To Contest Next on Institutional Sales of XRP
According to a court filing late October 20, SEC attorney Jorge Tenreiro sent a letter to Judge Analisa Torres on voluntary dismissal of charges against individual defendants Garlinghouse and Larsen. This precludes the need for the scheduled trial on the SEC claim that executives aided and abetted Ripple’s violations of securities laws in institutional sales of XRP. Also, it moots an earlier scheduling order.
Now, The SEC seeks a potential briefing schedule on the pending issue in the lawsuit. The parties aim to look at remedies for its Section 5 violations with respect to its institutional sales of XRP.
Section 5 of the Securities Act of 1933 requires that securities be registered with the SEC before they can be sold to the public, including, institutional investors.
SEC requests the court to consider November 9 to propose a briefing. This will give both parties enough time to decide on a settlement or contest on the institutional sales of XRP. Experts say Ripple must contest remaining issues, including XRP ODL sales, which is a concern for Ripple.
Also Read: US SEC Highlights Nov 9 as Key Date in Ripple Lawsuit
Will SEC Appeal Against Ripple?
With the growing debate around whether the SEC is now entitled to appeal immediately against Ripple, Pro-XRP attorney John Deaton said “There will be no immediate appeal. Finally, the SEC didn’t dismiss this case because it wanted to get to a faster appeal.
Fox Business journalist Eleanor Terrett also made clear that the SEC can’t appeal immediately and they need to wait until final judgment in the lawsuit. It means the SEC will not get an appeal until next year.
Also Read: Coinbase Legal Chief Says SEC Needs To Approve Bitcoin ETF “Under The Law”
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