SEC Lawyers to Dismiss Claims Against Ripple CEO and Co-founder, Awaits Clarity on Ripple's Civil Case
Summary:
The legal team of the US Securities and Exchange Commission (SEC) plans to dismiss all claims against Ripple's CEO, Brad Garlinghouse, and his co-founder, Chris Larsen. While the dismissal reduces the need for a trial, it's unclear if the SEC's civil case against Ripple, filed in December 2020, will continue. SEC and Ripple are considering a meeting to discuss the pending issue of appropriate remedies for Ripple's Section 5 violations. They have requested time until November 9, 2023, to propose a meeting schedule or request a briefing schedule from the court. Further details on the developing story will be shared as they become available.
The legal team representing the United States Securities and Exchange Commission (SEC) has disclosed plans to drop all accusations against Brad Garlinghouse, the CEO of Ripple, and Chris Larsen, his co-founder. The SEC confirmed in a filing on October 19th at the U.S. District Court for the Southern District of New York that the parties involved in the ongoing Ripple case "have agreed to a dismissal with prejudice." This indicates there's no requirement to plan for an impending trial. However, it's important to note, the filing did not clarify the SEC's stance on the civil case they launched against Ripple in December 2020.
The filing also stated that "the SEC and Ripple plan to seek a mutual agreement on a prospective briefing routine pertinent to the unresolved matter in the case - proper corrective measures against Ripple regarding its Section 5 violations tied to its Institutional Sales of XRP." They've requested a timeline extension up until November 9, 2023, to propose such schedule to the Court or, in case of disagreement, to request a briefing schedule from the Court on a disputed basis.
The story is still unfolding, and more details will be updated as they become accessible.
Published At
10/19/2023 9:22:07 PM
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