In a dramatic development, the well-known cryptocurrency payments business Ripple disclosed the current state of its legal dispute with the Securities and Exchange Commission (SEC), also known as the XRP issue, in a fresh market report published on November 1.
The SEC made a stunning judgement on October 19, dismissing all outstanding charges against Ripple CEO Brad Garlinghouse and Executive Chairman Chris Larsen “with prejudice.”
The paper explains what happened following that decision. The trial that was set for April 2024 is essentially unnecessary as a result of this final verdict, which puts a stop to any potential future claims against these people.
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Both parties are now moving the action onto the remedies stage, where the court will decide what remedies are appropriate, if any, given that it has found that some institutional sales were sales of securities.
Because institutional sales were mistakenly categorised as securities, Ripple was previously fined $700 million. These events come after a string of wins for Ripple, such as a verdict on July 13 that declared XRP to be non-security and a decision on October 3 that denied the SEC’s appeal.
Despite these legal issues in the US, Ripple has been moving forwards quite a bit internationally. In light of Southeast and East Asia’s strategic significance, the firm recently obtained a significant payment institution licence from MAS Singapore, marking an important turning point for Ripple’s cryptocurrency payments business.
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