Ripple Lawsuit UPDATE: Both Parties Submit Updated Schedules• November 10, 2023 10:41 am • Comments
For all intents and purposes, the SEC vs Ripple lawsuit has ended with Ripple Labs as the clear victor.
Indeed, Ripple Labs scored a historic victory over the SEC earlier this year when it was ruled that secondary sales of XRP do not constitute securities offerings and that XRP does not, in and of, itself constitute a security.
Additionally, the SEC has dropped its case against Ripple founders Brad Garlinghouse and Chris Larsen. However, this does not mean that the case is officially over. There are still a few small issues to work out.
On Thursday, the SEC and Ripple met and proposed a schedule to remedy any violations and loose ends, this schedule should encompass the remainder of the case and likely indicates that the end is in sight.
Some have even speculated that the case could be completely settled this month, though this remains to be seen.
XRP Daily asked: “The SEC & Ripple meet today with the intention of finding a remedy for Ripple’s section 5 violations with respect to its institutional sales. If no resolution is found, both parties will request from the court that a briefing schedule is in place. Do you think there will be a settlement?”
The SEC & Ripple meet today with the intention of finding a remedy for Ripples section 5 violations with respect to its institutional sales. If no resolution is found, both parties will request from the court that a briefing schedule is in place.
Do you think there will be a… pic.twitter.com/7GoLuuRcu1
— XRPDAILY (@XRPXLMVERSE) November 9, 2023
— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) November 9, 2023
In the letter addressed to Judge Analisa Torres, the SEC, on behalf of both parties, mentioned that they had agreed to a “permissible discovery,” which will include facts about what went on in the crypto company before the SEC filed its complaint.
In this instance, it is believed that this will help the SEC ascertain which of the company’s transactions violated securities laws.
Ripple CEO Brad Garlinghouse recently told CNBC: “The SEC, in my opinion, has lost sight of their mission to protect investors.”
— CNBC Middle East (@CNBCMiddleEast) November 10, 2023
Brad Garlinghouse Fired A Shot That Will Be Heard Around The World 🚨
"If The SEC & Gary Gensler Wasn't Wasting Time Suing Ripple & Meeting With Sam Bankman-Fried Maybe We Could've Avoided Some Of The Fraud That Occurred In The Crypto Space" pic.twitter.com/vJIRfBixUZ
— The Bearable Bull (@thebearablebull) November 9, 2023
U Today added:
The parties also agree that Ripple may serve a superseding version of the Bracco report on the SEC no later than 45 days after the scheduling order is entered and that the SEC may depose Anthony M. Bracco, who testified earlier this year, within 90 days of the scheduling order.
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