Ripple to Submit Response to SEC's Penalty Request by April 22

2024/04/17 20:47

Ripple Labs Chief Legal Officer, Stuart Alderoty, has addressed misinformation surrounding the lawsuit between Ripple and the SEC. Following a post by a digital currency influencer, Alderoty clarified that there will be no final pretrial conference, as the SEC has dropped charges against Ripple CEO Brad Garlinghouse and co-founder Chris Larsen.

Seeing some confusion on next steps with the SEC vs. Ripple case. To clarify - Ripple will file its response to the SEC’s request for penalties by April 22 and the SEC has until May 6 to reply. There is no final pretrial conference because the SEC dismissed the charges against… https://t.co/Jn5Pw5rM30
— Stuart Alderoty (@s_alderoty) April 16, 2024

Alderoty provided key dates in the legal proceedings, noting that Ripple is expected to respond to the SEC's penalty recommendations by April 22, 2024. Subsequently, the SEC will have 15 days to respond to Ripple's motion. These deadlines mark standard legal procedures following the regulator's stance in the lawsuit.

The outcome of the Ripple-SEC case holds significance for the broader crypto market, potentially shaping future regulatory approaches to crypto assets in the United States. Initially centered on XRP's classification as a security or non-security, the case's twists and turns have influenced Ripple's market performance, impacting investor sentiment.

Amidst legal battles, Ripple has sought to provide clarity, ensuring transparency in the ongoing procedures. The crypto community closely monitors developments, anticipating the release of the agency's findings, as the outcome could establish precedents for prosecuting virtual assets within the U.S. legal framework.

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