SEC Seeks Dismissal of Claims Against Ripple CEO and Co-Founder
The lawyers representing the United States Securities and Exchange Commission (SEC) have announced their intention to dismiss all claims against Ripple CEO Brad Garlinghouse and co-founder Chris Larsen. This development came to light in an October 19 filing in the U.S. District Court for the Southern District of New York.
In the filing, the SEC informed the court that the parties involved in the case against Ripple had agreed to a dismissal with prejudice. This indicates that there will be no need for a trial. However, it should be noted that this does not mean that the SEC is dropping its civil case against Ripple itself, which was initially filed in December 2020.
Potential Briefing Schedule
The filing stated that both the SEC and Ripple plan to discuss a potential briefing schedule regarding the issue at hand. Specifically, they will address what remedies are appropriate for Ripple’s Section 5 violations related to its Institutional Sales of XRP.
The SEC and Ripple have requested until November 9, 2023, to propose a schedule to the court or seek a contested basis briefing schedule from the court if an agreement cannot be reached.
Hot Take: Dismissal of Claims Against Ripple CEO and Co-Founder
The United States Securities and Exchange Commission has announced its intention to dismiss all claims against Ripple CEO Brad Garlinghouse and co-founder Chris Larsen. While this signifies a significant development in their legal battle, it’s important to note that the SEC’s case against Ripple itself is still ongoing. The parties involved will now discuss the appropriate remedies for Ripple’s violations and propose a briefing schedule to the court. This latest update adds another layer of complexity to the case as it progresses towards a resolution.
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