Ripple Nears End of SEC Lawsuit

Stuart Alderoty, Ripple’s legal counsel, recently remarked that Ripple is on the brink of resolving its legal battle with the SEC. He made this observation following the SEC’s submission of redacted remedies-related documents. The SEC filed a lawsuit against Ripple in December 2020, alleging violations of U.S. securities laws related to the sale of XRP. This legal dispute severely impacted Ripple’s business and XRP’s status in the U.S.

More of the same from the SEC — failing to faithfully apply the law and trying to pull the wool over the Judge’s eyes. The good news is that we are closer than ever to putting this lawsuit behind us, though unfortunately, many are just starting the journey. We trust the Court… https://t.co/JGhxAtOuk1
— Stuart Alderoty (@s_alderoty) May 7, 2024

Impact on Ripple and XRP

Ripple adapted its business strategy to focus on non-U.S. markets due to the lawsuit. Moreover, major U.S. cryptocurrency exchanges like Coinbase and Kraken delisted XRP, causing further disruption. Coinbase and Kraken relisted XRP after a court ruling determined that XRP sales were not investment contracts. Despite this, the lawsuit continued for over three years.

The SEC’s latest reply brings Ripple closer to resolving the lawsuit, with Judge Analisa Torres expected to issue the final verdict soon. Cryptocurrency expert Ashley Prosper predicts that the verdict will likely be announced between July and September.

While Ripple is nearing the end of its legal ordeal, other crypto-related businesses like Coinbase and Binance are embroiled in their own legal challenges with the SEC. Additionally, the SEC has issued a Wells Notice to Ethereum and Robinhood, indicating impending enforcement actions.

Alderoty’s Critique of SEC

Alderoty criticized the SEC’s remedies reply, accusing the regulator of deception and failure to adhere to the law. However, he remains hopeful that Judge Torres will deliver an impartial ruling.

More of the same from the SEC — failing to faithfully apply the law and trying to pull the wool over the Judge’s eyes. The good news is that we are closer than ever to putting this lawsuit behind us, though unfortunately, many are just starting the journey. We trust the Court… https://t.co/JGhxAtOuk1
— Stuart Alderoty (@s_alderoty) May 7, 2024

In a tweet, Alderoty highlighted the SEC’s disregard for international financial regulators in its recent filing. The SEC likened crypto licenses obtained from these regulators to mere fishing licenses, suggesting they hold little weight in U.S. securities law compliance.

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Despite the challenges, Ripple is nearing the end of its legal battle with the SEC, while other crypto businesses brace for their own legal proceedings. As the verdict looms, stakeholders await Judge Torres’s decision on this protracted legal saga.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.