In the ongoing legal dispute between Ripple Labs and the U.S. Securities and Exchange Commission (SEC), Stuart Alderoty, Ripple’s Chief Legal Officer (CLO), has given some insight into the upcoming court hearings. With new developments in the case, Alderoty has highlighted important dates and reaffirmed Ripple’s commitment to following the court’s timeline.
By April 22, 2024, Ripple is required to submit its opposition brief, while the SEC will follow up with their reply brief by May 6, 2024. Brad Garlinghouse of Alderoty, representing Ripple, emphasizes their dedication to sticking to the established deadlines, demonstrating a responsible attitude towards the ongoing legal process.
Ripple Faces $2 Billion Penalty Despite Dismissals
A major development unfolded in the Ripple case when the SEC chose to drop the charges against CEO Brad Garlinghouse and co-founder Chris Larsen. This decision, which can be pursued again, has shifted the course of the legal battle, sparking debates within the cryptocurrency realm about what it might mean for Ripple.
Despite these advancements, there is still apprehension as the SEC continues to pursue a definitive ruling against Ripple, which could result in fines totaling close to $2 billion for suspected violations of the Securities Act of 1933’s Section 5. The SEC’s allegations mainly center on Ripple’s unregistered institutional sales of XRP, which they claim are in violation of the act.
XRP Market Slump Continues Amid Legal Uncertainties
New discussions about a potential resolution between Ripple and the SEC have surfaced due to recent developments in the case. While the SDNY Court’s calendar previously suggested a “Final Pretrial Conference” between the parties on April 16, the specifics of this courtroom event are yet to be disclosed. This uncertainty has sparked debate among experts, who ponder over the significance of the SEC’s decision to drop charges against Ripple’s executives.
The current feeling among XRP investors is negative, causing a drop in price. XRP’s value now stands at $0.4921, representing a 1.45% decrease over the past day. Over this period, its price has ranged from a low of $0.4793 to a high of $0.501.
Within the XRP community, some worry that the currency isn’t gaining ground as quickly as expected. They point to Ripple’s release of XRP from escrow and ongoing legal issues as potential reasons for this. However, there is a positive sign: more XRP liquidity pools are becoming active on the XRP Ledger, giving XRP supporters reason to be optimistic despite the slow progress.
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2024-04-16 23:35