May 26, 2024

Ripple Chief Legal Officer Stuart Alderoty recently shared some insight regarding the SEC vs. Ripple’s long-standing lawsuit. The CLO quenched the growing rumors of a settlement in the company’s case with the US Securities and Exchange Commission (SEC). 

Also, Alderoty clarified possible future steps to correct certain misconceptions. 

Ripple CLO Douses Speculation of a Possible Settlement 

In his recent X post, Ripple CLO Alderoty dispersed the growing rumors that sprang up from a supposedly pre-trial conference between the two parties.

Notably, the court’s declaration last year included a scheduling order for a final pre-trial conference between the two parties. According to the order, Magistrate Sarah Netburn was supposed to preside over the meeting on April 16 by 2 p.m. 

Some XRP community members thought the conference would end the long-standing legal battle between the SEC and Ripple. However, Alderoty surprisingly doused several people’s speculation via his post, mentioning that they didn’t hold the conference as scheduled.

Further, he explained that the securities regulator had called off its charges against Ripple’s executives, Brad Garlinghouse and Chris Larsen.

Alderoty stated:

There is no final pretrial conference because the SEC dismissed the charges against @bgarlinghouse and @chrislarsensf.

Additionally, Attorney Deaton’s law firm, CryptoLaw, confirmed that there will be no trial conference for the SEC and Ripple. The company noted that the regulator dismissed its charges against Ripple’s CEO and Chairman before the setting of the trial schedule. 

Moreover, since the SEC never gave an update on its case dismissal, it nullified the possibility of a trial conference.

Alderoty Provides Transparent Steps Toward Ripple Vs. SEC Case

Also, in his post, the Ripple CLO revealed the next steps regarding the case. According to him, the blockchain payment firm will file its response to the SEC’s demand for penalties by April 22. Afterward, the securities regulator will reply to Ripple’s filing on or before May 6.

In December 2020, the SEC sued Ripple over the sales of XRP tokens, which it labeled as securities. The SEC charged Ripple’s CEO Garlinghouse and Chairman Larsen with aiding the company in selling securities. 

However, based on the CLO’s post, the SEC has withdrawn the charges against the company’s top executives. Unfortunately, in addition to the recent downtrend within the crypto market, the Ripple case has also impacted XRP’s price trend. 

The token slipped to the $0.4000 threshold for the first time in two months, even after climbing to the $0.7400 price zone following Bitcoin’s led rally in mid-March. Within the past 7 days, XRP has plummeted by 18.76%. Further, its 30-day price showed an 18.91% decrease.

Its market cap hovers around $27.46 billion, positioning the token as #7 in the CMC crypto ranking. Also, XRP’s trade volume rose to $1.81 billion following a 14,74% increase in the same time frame. 

Whether the price will continue gaining today is uncertain, given the volatile nature of the crypto market. 


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