- Ripple’s consecutive victories in SEC legal battles.
- The dismissal of charges against Ripple executives.
- Stuart Alderoty’s optimistic 2024 predictions for Ripple and the wider crypto industry.
Ripple has emerged victorious in a series of legal battles against the U.S. Securities and Exchange Commission (SEC). The culmination of these victories came on July 13, 2023, with a landmark judgment stating that XRP is not a security as a matter of law. Following this, on October 3, the SEC’s request for an interlocutory appeal was denied, reinforcing Ripple’s position.
The most surprising twist in the legal saga unfolded on October 19, as the SEC dismissed all remaining charges against Ripple’s CEO, Brad Garlinghouse, and Executive Chairman, Chris Larsen. Notably, the dismissal was “with prejudice,” signifying an irreversible decision that prevents the SEC from resurrecting these allegations in the future. No settlements were made, bringing an abrupt end to the looming trial against Ripple executives.
As the legal battle transitions into the remedies stage, the court is now tasked with deciding the appropriate actions in light of its judgment regarding certain institutional sales being deemed as sales of securities.
While 2023 marked a significant year for Ripple’s legal victories, the company is optimistic about its future in 2024. Ripple’s Chief Legal Officer, Stuart Alderoty, boldly forecasts the conclusion of the SEC’s contentious lawsuit against Ripple by the end of 2024. Furthermore, Alderoty anticipates that post-Ripple lawsuit, the SEC will persist in its regulatory endeavors, continuing to enforce regulations against other industry leaders.
Alderoty’s predictions are rooted in key dates set for 2024 as a result of the legal proceedings. Following the court’s determination that XRP is not inherently a security, specific Ripple sales made under written contracts were classified as investment contracts and therefore considered securities. The court has mandated that remedies-related discovery be completed by both parties, Ripple and the SEC, by February 12, 2024. Subsequently, the SEC is required to submit its brief on remedies by March 13, 2024. Ripple, in turn, must file its opposition by April 12, 2024, with the SEC having until April 29, 2024, to file a reply if deemed necessary.
As the crypto industry closely watches Ripple’s legal journey, the outcomes and subsequent regulatory landscape in 2024 are poised to leave a lasting impact on the broader blockchain and cryptocurrency sector.
Disclaimer: Please note that the viewpoints and perspectives expressed by the author, as well as any individuals referenced in this article, are intended solely for informational purposes. They should not be construed as financial or investment advice. It’s important to acknowledge that investing in or trading cryptoassets carries inherent financial risks.