Title: Ripple Responds to SEC Filing with Legal Action
Ripple’s chief legal officer (CLO) Stuart Alderoty announces Ripple’s response to the U.S. Securities and Exchange Commission (SEC) court filing from last month.
Ripple Facing SEC Legal Action
In March, the SEC requested a court order for Ripple to pay around $1.95 billion in disgorgement, prejudgment interest, and penalties. This legal action stems from a lawsuit filed against Ripple by the SEC in 2020, alleging that XRP was sold as an unregistered security.
- The SEC motion follows a ruling by US District Judge Analisa Torres last summer, which found that XRP sales did not constitute securities offerings but institutional sales violated securities laws.
- Ripple is now accused of violating securities laws over several years by the SEC in their recent motion.
Ripple’s Response to SEC Filing
Reacting to the SEC filing, Alderoty clarifies the next steps through a social media post on platform X. Ripple plans to submit its response by April 22nd, and the SEC must reply by May 6th. He also dispels misinformation about a pre-trial conference on April 16th and mentions the dropped charges against Ripple CEO Brad Garlinghouse and executive chairman Chris Larsen.
- Ripple will address the SEC’s motion by April 22nd, with the SEC’s response due by May 6th.
- Alderoty refutes claims of a pretrial conference on April 16th and explains the dropped charges against Ripple executives.
Keep Informed with Ripple’s Response
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Ripple’s legal team prepares to combat the SEC’s filing in response to allegations of securities law violations, seeking clarity and resolution in the ongoing case.
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