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This year, 2023, Ripple experienced a string of consecutive wins in the SEC legal action, including the July 13 judgment ruling that XRP is not a security as a matter of law and the Oct. 3 decision denying the SEC’s request for an interlocutory appeal.
The SEC dismissed all remaining charges against Ripple CEO Brad Garlinghouse and Executive Chairman Chris Larsen on Oct. 19.
The SEC’s startling capitulation was a dismissal “with prejudice,” which means the ruling is irrevocable and the SEC cannot bring those allegations again in the future. There was no settlement, and there will no longer be a trial against the Ripple executives anymore.
The lawsuit has now entered the remedies stage, in which the Court will decide which, if any, remedies to impose in light of the Court’s judgment that certain institutional sales constituted sales of securities.
While 2023 was noteworthy for Ripple given its wins in the SEC lawsuit, the company anticipates even more victories in 2024.
Along these lines, Ripple’s Chief Legal Officer Stuart Alderoty has given his bold outlook on policy and crypto regulation for 2024.
Alderoty predicts that in 2024, the last bit of the SEC’s misguided lawsuit against Ripple will finally come to an end. He further predicts that after the Ripple lawsuit has ended, the SEC’s campaign of regulation by enforcement will continue against other industry leaders.
Key dates in 2024
According to the July 13 ruling, the Court determined that: XRP is not a security in and of itself; Ripple’s sales of XRP on exchanges or by its executives and a wide range of other Ripple’s XRP distributions to developers, charities and employees are not securities.
Certain Ripple sales made under written contracts were considered investment contracts and hence securities. In this regard, the parties recommended a joint briefing schedule on remedies.
Following the submission of this joint briefing schedule on Nov. 9, the Court considered the parties’ proposal and established crucial dates.
By Feb. 12, 2024, the parties, both Ripple and the SEC, shall complete remedies-related discovery. The SEC is required to file its brief on remedies by March 13, 2024. By April 12, 2024, the defendant (Ripple) shall file its opposition, and by April 29, 2024, the SEC shall file its reply, if any.
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