SEC vs. Ripple: Alderoty Sets Record Straight on Next Steps

Highlights

Ripple's Chief Legal Officer provides clarity on upcoming court proceedings in Ripple Labs vs. SEC case.
The dismissal of charges against Ripple's CEO and co-founder alter the trajectory of the lawsuit.
SEC seeks nearly $2 billion in penalties against Ripple for alleged securities violations.

In the ongoing legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC), Stuart Alderoty, Ripple’s Chief Legal Officer (CLO), has provided clarity on the upcoming court proceedings. Amidst recent developments, Alderoty has outlined key dates and emphasized Ripple’s compliance with the court’s schedule.

Ripple must submit its opposition brief by April 22, 2024, followed by the SEC filing its reply brief by May 6, 2024. Alderoty underscores XRP’s commitment to adhering to the prescribed timelines, signaling the company’s proactive approach in the legal proceedings.

Ripple Faces $2 Billion Penalty Despite Dismissals

A significant turn in the case occurred when the SEC dismissed charges against Ripple CEO Brad Garlinghouse and co-founder Chris Larsen. The dismissal, without prejudice, has altered the trajectory of the lawsuit, prompting discussions within the crypto community regarding its implications for Ripple.

Despite these developments, uncertainties loom as the SEC persists in seeking a final judgment against Ripple, accompanied by penalties amounting to nearly $2 billion for alleged violations of Section 5 of the Securities Act of 1933. The SEC’s accusations primarily revolve around Ripple’s purported unregistered offerings of XRP in institutional sales.

XRP Market Slump Continues Amid Legal Uncertainties

Fresh debates on the possibility of a settlement between Ripple and the SEC have emerged, fueled by recent updates in the case. Although the SDNY Court’s proceeding calendar initially indicated a “Final Pretrial Conference” between the two parties on April 16, the courtroom details remain unspecified, leading experts to speculate on the implications of the SEC’s dismissal of charges against Ripple executives.

XRP price is currently experiencing a downturn in market sentiment, with the digital asset showing a decrease of 1.45% and now valued at $0.4921. Over the past 24 hours, it has fluctuated between lows of $0.4793 and highs of $0.501.

Concerns have been voiced within the XRP community regarding the lack of upward momentum, with some attributing it to Ripple’s release of XRP from escrow and uncertainties surrounding ongoing legal proceedings. Despite this, there is a silver lining as active XRPL liquidity pools are on the rise, offering a glimmer of hope to XRP enthusiasts despite the sluggish growth rate.

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Maxwell Mutuma

Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. I write extensively on topics such as blockchain, cryptocurrency, tokens, and more for many publications. My goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.

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