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When it comes to Ripple and XRP, everyone thinks of the ongoing legal battle with the SEC that has lasted for years. Last year was particularly eventful for Ripple. In its lawsuit with the SEC, Ripple achieved multiple victories, including a decision that legally XRP is not a security and the rejection of the SEC’s request for a temporary appeal.
The Current Status of the SEC Lawsuit
Three years after it first emerged, the Ripple-SEC lawsuit gained significant momentum last year in favor of Ripple, and the pace of the case noticeably accelerated. Decisions continued to come one after another in lawsuits involving not only the Ripple company but also its executives.
In addition to the decision that Ripple is not a security, all charges against Ripple CEO Brad Garlinghouse and Executive Chairman Chris Larsen were dismissed by the court.
While the entire crypto world is waiting for a definitive result from the lawsuit, the situation seems to have quieted down at the beginning of 2024. The heated process of the past year has given way to a quieter environment, including less discussion on social media for the time being.
Legal expert and participant in the Ripple case, Fred Rispoli, made a statement on the issue, saying:
It was quiet… too quiet? The deadline for the investigation of damages is February 12. Considering how hostile this case has been, I’m surprised we haven’t seen any SEC investigation proposals.
I would have expected a filing at least a week before the final deadline. Otherwise, does this mean Ripple and the SEC are playing well? At this point, my thought process is one of two outcomes.
The SEC gets the findings it wants, reviews them, and the parties finally reach an agreement. Otherwise, this situation will continue through the compensation lawsuit, which will end on April 29 and likely result in a decision by early summer. @SECGov will lose most of what it wants this way, so considering the increasing losses in court (there could also be a significant loss against Coinbase by then), it should really get an easy win. Who knows…
An Important Date Approaches
A new phase is beginning in the Ripple case. In the past, there were thoughts that certain sales made in the corporate field were securities sales. The court has now reached the solution phase to decide what remedies would be applied if this were indeed the case.
In line with all this, the next important date for the case, which all arrows point to, is set as February 12, 2024, when the investigation about the remedies will be completed.
Rispoli emphasized the importance of the legal struggle and shared his astonishment about the SEC’s yet-to-be-filed investigation proposals. According to Rispoli, the agency will file a petition up to a week before the final submission date.
