Ripple Vs SEC
In December 2020, the U.S. Securities and Exchange Commission (SEC) began a significant lawsuit against Ripple Labs, alleging the firm conducted an unregistered securities offering through its sale of XRP.
SEC Vs Ripple Battle
Ripple countered by arguing that XRP is a currency, not a security, and thus outside the SEC’s jurisdiction, citing its role in their decentralized network and use in transactions.
Final Ruling and Ripple’s Victory
On 13 July 2023, Judge Analisa Torres of the United States District Court for the Southern District of New York ruled in the SEC v. Ripple Labs lawsuit. The court partially granted and denied motions from both the SEC and Ripple. On 19 October 2023, Ripple announced that CEO Brad Garlinghouse and Executive Chairman Chris Larsen were cleared of all SEC claims.
Ripple’s Legal Predictions
In a series of predictions on 15 December 2023, Ripple’s Chief Legal Officer, Stuart Alderoty, provided insights into the expected trajectory of U.S. cryptocurrency regulation in 2024, including the SEC’s legal battle with Ripple.
Ripple’s Refusal to Settle
On 22 December 2023, Ripple’s Chief Legal Officer, Stuart Alderoty, reflected on the lawsuit against Ripple, revealing their refusal to settle with the SEC, criticizing the agency for its lack of a clear framework for cryptocurrencies.
Ripple’s Victory and the SEC’s Flawed Approach
Alderoty accused the SEC of hypocrisy and overreach, suggesting that the lawsuit was less about protecting investors and more about asserting control over the crypto industry. He celebrated Ripple’s victory in the lawsuit as a significant exposure of the SEC’s flawed approach.
Hot Take
Ripple has emerged victorious against the SEC, inspiring hope in the crypto industry’s efforts to defend itself against regulatory overreach.
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