XRP Lawsuit: In the latest development in the Ripple vs U.S. SEC lawsuit, Judge Torres granted a “Termination Hearings and Memo Endorsement” order. It follows as the judge officially signs an order regarding the U.S. Securities and Exchange Commission’s (SEC) voluntarily dropping charges against individual defendants Ripple CEO Brad Garlinghouse and executive chairman Chris Larsen.
According to a court filing, Judge Analisa Torres approved an order regarding the SEC and Ripple’s request to propose a briefing schedule to confer on institutional sales of XRP. Judge Torres ordered the parties to jointly suggest a briefing schedule by November 9.
“The parties shall jointly propose a briefing schedule with regard to the remedies, or, if the parties cannot agree, shall jointly request that the court set a briefing schedule.”
In addition, the April 16, 2024 final pretrial conference and the April 23 trial are adjourned until further notice in the XRP lawsuit.
The SEC and Ripple contemplate 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.
Read More: Ripple Labs Taps Uphold for Cross-Border Liquidity Service
Lawyer Bill Morgan earlier said XRP ODL sales matter is a big concern for Ripple and it will challenge the SEC’s thinking on ODL sales. The XRP community wants Ripple to contest institutional sales of XRP as Judge Torres ruled that these are securties.
With the judge ruling that XRP is not a security, both parties seek to progress with proceedings on institutional sales issue. Some believe Ripple is likely to settle with the SEC on institutional sales, with charges on Ripple’s executives dropped by the SEC.
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