A significant breakthrough has been achieved in the ongoing legal showdown between Ripple, the blockchain payment company, and the United States Securities and Exchange Commission (SEC). The SEC has withdrawn all its claims against Ripple officials Brad Garlinghouse and Chris Larsen.
The crypto community has celebrated this move, perceiving it as a positive turn of events. However, some have raised concerns that the SEC’s withdrawal doesn’t necessarily mean an immediate appeal.
They cannot appeal immediately. They will need to wait until there’s a final judgment which can’t happen until the penalty phase is over. This could take months which means the SEC will not get to appeal until next year. https://t.co/moSIJy3cLh
— Eleanor Terrett (@EleanorTerrett) October 20, 2023
Eleanor Terrett, a correspondent from Fox Business, clarified that the SEC cannot appeal the case immediately. They must wait for a final judgment, which will only come after the penalty phase concludes. This process could take several months, potentially delaying any SEC appeal until the following year. It’s also important to note that the SEC dropped charges against Brad Garlinghouse and Chris Larsen but did not entirely dismiss the case against Ripple.
She wrote on X, “They cannot appeal immediately. They will need to wait until there’s a final judgment, which can’t happen until the penalty phase is over. This could take months, so the SEC will not get to appeal until next year.”
The SEC had accused these executives of aiding and abetting Ripple’s alleged violations of securities laws, primarily concerning the sale of XRP tokens. The legal proceedings had scheduled a trial for these allegations on April 23, 2024.
Ripple’s Chief Legal Officer Stuart Alderoty commented on the latest development and said, “The SEC made a serious mistake going after Brad & Chris personally – and now, they’ve capitulated, dismissing all charges against our executives. This is not a settlement. This is a surrender by the SEC.”
Ripple has now won its third straight legal victory against the SEC. In July, a judge declared that XRP isn’t considered a security, and this month, the judge also turned down the SEC’s request for an appeal on that ruling.
Elena R
Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing – accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.
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