Ripple’s Chief Legal Officer Confident About 2024 Victory

• As 2023 concludes, the focus shifts to the next chapter—the remedies stage. Key dates include the conclusion of remedies-related discovery between February and April 2024.
• Ripple’s Chief Legal Officer, Stuart Alderoty, revealed details about a pre-lawsuit settlement offer from the SEC in December 2020, shedding light on the regulatory landscape.

It’s now been three years since Ripple engaged in a legal battle with the U.S. Securities and Exchange Commission (SEC).

The year 2023 has been pivotal in the protracted legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC). Notably, a significant turning point occurred on July 13 when XRP was ruled not to be a security, establishing a precedent that extends beyond Ripple to the broader cryptocurrency market.

On October 19, 2023, the SEC took a remarkable step by dismissing all charges against Ripple CEO Brad Garlinghouse and Executive Chairman Chris Larsen. The dismissal, designated as “with prejudice,” signifies a conclusive resolution to these allegations, representing an uncommon instance of regulatory withdrawal within the cryptocurrency landscape.

As 2023 draws to a close, attention shifts to the upcoming chapter in this legal saga—the remedies stage. Follow along as we unveil the timeline of crucial dates and speculate on their potential implications.

• February 12, 2024 – Conclusion of Remedies-Related Discovery: This deadline signifies the conclusion of the fact-finding phase, laying the groundwork for the subsequent critical steps.
• March 13, 2024 – Plaintiff’s Brief on Remedies: The SEC’s submission will provide insights into the regulatory body’s stance and potential sanctions or remedies against Ripple.
• April 12, 2024 – Ripple’s Opposition Filing: Ripple’s response will play a pivotal role in shaping the ultimate phase of this legal dispute.
• April 29, 2024 – SEC’s Reply (if any): On this date, the SEC may present its final argument, potentially influencing the case’s outcome.

Ripple Chief Legal Officer Confident of Settlement in 2024

Ripple’s Chief Legal Officer, Stuart Alderoty, disclosed details about a settlement proposal from the US Securities and Exchange Commission (SEC) that preceded the agency’s lawsuit in December 2020.

The SEC filed charges against Ripple, co-founder Christian Larsen, and CEO Bradley Garlinghouse on December 22, 2020, accusing them of generating over $1.3 billion through an unregistered, continuous digital asset securities offering. As the lawsuit reached its three-year mark, Alderoty revisited the terms of the settlement offer presented by the Commission before the case was officially filed. Alderoty said:

Before the SEC sued Ripple, Chris and Brad (3 years ago today) they offered us the following settlement: the SEC would announce to the market that XRP is a security and the market would be given a short window to “come into compliance.

Alderoty clarified that the SEC did not establish clear guidelines for cryptocurrency compliance. Despite facing significant criticism and witnessing companies relocate overseas, the US market regulator failed to formulate compliance frameworks for the industry even three years after initiating the XRP lawsuit. Instead, the agency adopted an enforcement-first strategy, involving legal actions against major cryptocurrency exchanges such as Coinbase and Binance.

At press time, the XRP price is trading at $0.61 with a market cap of $33.3 billion. Amid the overhanging SEC case, the XRP has been an underperformer in comparison to other altcoins.