SEC Secures Motion Approval Against Ripple
The case between the U.S. Securities and Exchange Commission (SEC) and Ripple Labs has seen a myriad of important events.
In July 2023, Judge Analisa Torres issued a summary judgment in the SEC v. Ripple case concluding that Ripple’s sales of XRP via secondary trading platforms were not securities transactions.
However, the court refused the summary judgment concerning the relevant claims against two top Ripple executives, Bradley Garlinghouse and Christian Larsen, whom the SEC alleged had aided and abetted Ripple’s alleged violations, requiring that claims against these individuals proceed to trial.
Moreover, The SEC’s motion to appeal the ruling was rejected by Judge Torres, and the legal proceeding is continuing where both parties submit motions and replies in support of their positions.
However, the case is of significant relevance for the categorization of XRP and other digital assets as securities or commodities, and its outcome is currently attracting a lot of attention from the cryptocurrency industry.
The SEC’s lawsuit against Ripple is based on accusations that Ripple raised money through the sale of XRP, an unregistered security. The case has been of high interest due to the potential effect it may have on the regulation of digital assets and the entire cryptocurrency sector.
The Ripple and SEC legal tussle has seen key developments, including a summary judgment in favor of Ripple in the categorization of the XRP sales and the rejection of the appeal motion by the SEC.
Nonetheless, the case is set for trial in April 2024 and it has an enormous impact on the regulation of virtual assets.
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