This is everything you need to know on the XRP Lawsuit Update 2024. The long-standing legal battle between Ripple Labs and the United States Securities and Exchange Commission (SEC) over the status of XRP continues to unfold, with recent developments shedding light on the pivotal moments shaping this high-stakes legal battle.
XRP Settlement Offer Before 2020 Lawsuit
Stuart Alderoty, Ripple’s Chief Legal Officer, recently revisited the events preceding the SEC’s lawsuit against Ripple, its CEO Brad Garlinghouse, and co-founder Chris Larsen. Alderoty disclosed a significant detail: before the SEC initiated legal action, they proposed a settlement wherein the SEC would publicly declare XRP as a security. Ripple was given a brief window to ensure compliance within the market. However, Ripple staunchly opposed this proposal, asserting two primary reasons: their firm belief that XRP is not a security and the absence of a regulatory framework for crypto compliance established by the SEC.
Alderoty’s reflections emphasised Ripple’s unwavering stance on the classification of XRP and their refusal to compromise on principles they believe underpin the nature of this digital asset.
Key Victories in 2023
The legal landscape took a turn in Ripple’s favour in 2023. Judge Analisa Torres delivered a crucial win for Ripple with the Programmatic Sales ruling, rejecting an SEC motion for interlocutory appeal. Subsequently, the SEC dropped charges against Garlinghouse and Larsen. However, the spectre of an SEC appeal against the Programmatic Sales ruling continues to cast a shadow over Ripple’s future.
Market Impact and Price Analysis
XRP’s market performance reflects the ongoing legal turmoil. Recent price movements saw a decline, with XRP closing at $0.6200 after a three-day winning streak. Despite Alderoty’s revelations and the legal victories, XRP remains susceptible to market sentiments driven by ongoing regulatory discussions and uncertainties surrounding the lawsuit’s resolution.
Conclusion
The immediate focus remains on the upcoming deadlines and filings. The SEC and Ripple are slated to complete remedies-related discovery by February 12, 2024. These developments are expected to shape the trajectory of the case, potentially paving the way for the highly anticipated trial.
As discussions on the SEC vs. Crypto case and U.S. regulatory activities take centre stage, the crypto community eagerly anticipates how these factors will influence the outcome of the XRP lawsuit. Ripple’s resilience in the face of legal challenges and the regulatory spotlight continues to be a focal point for industry observers.
The ultimate resolution of the XRP lawsuit holds significant implications not only for Ripple but also for the broader crypto market, potentially setting precedent and clarifying regulatory boundaries for digital assets.
References
- “Official source code”. Github. Retrieved May 14, 2014.
- “Ripple Labs Banks $3.5M for Open-Source Payments System and Virtual Currency”. The Wall Street Journal Pro. Dow Jones & Company. November 12, 2013. Retrieved January 28, 2014.
- “Ripple’s legal chief unveils SEC’s XRP settlement offer before 2020 lawsuit.” Cointelegraph.