Ripple vs SEC: Judge’s Verdict and Future Proceedings
On July 13, 2023, District Judge Analisa Torres delivered her verdict in the legal battle between the SEC and Ripple Labs. Here are the key points:
- The SEC accused Ripple Labs and its executives of illegally issuing and selling securities.
- The court approved the SEC’s summary judgment motion for Institutional Sales but rejected it for other aspects.
- Ripple’s summary judgment motion was approved for Programmatic Sales, Other Distributions, and transactions by its executives.
- The court rejected Ripple’s motion for Institutional Sales.
- The SEC’s motion alleging aiding and abetting against Ripple’s executives was turned down.
A Pretrial Scheduling Order revealed that plans for a jury trial are underway, tentatively scheduled for April 2024. The SEC has submitted a motion for interlocutory appeal to continue the legal battle.
Hot Take
The judge’s verdict shows a mixed outcome for both the SEC and Ripple. While the trial is yet to take place, the scheduling and potential denial of the SEC’s appeal request indicate a positive outlook for Ripple and its clarity in the crypto market. The XRP community remains hopeful for a favorable resolution in the ongoing legal battle.
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