TL;DR
- Ripple’s lawsuit with the SEC remains unresolved, with the agency accused of unethical tactics, including harassing the company’s CEO.
- Pro-crypto SEC leadership changes could favor Ripple, though the case’s complexity calls for cautious optimism.
The SEC Pushed ‘Ethical Limits’
The ongoing court case between Ripple and the U.S. Securities and Exchange Commission (SEC) is a captivating subject within the cryptocurrency world. The dispute originated in December 2020 when the SEC filed a lawsuit against the company, its CEO Brad Garlinghouse, and co-founder Chris Larsen, alleging that they had illegally raised over $1.3 billion by selling XRP without proper registration for securities offerings.
Over the past few years, these two parties have continually engaged in a series of confrontations. Regardless of multiple advancements and court decisions, this prolonged dispute continues to persist.
Based on John Deaton’s statements (an American lawyer representing numerous XRP investors involved in the mentioned lawsuit), he alleges that the SEC acted unscrupulously and overstepped ethical boundaries. He asserted that the SEC’s legal team employed aggressive discovery tactics, intimidating and harassing Ripple’s international clients, investors, and associates.
Although they already possess the transaction records of XRP made by Garlinghouse, the SEC attempted to demand access to all of Brad’s and his family’s personal financial documents such as credit card statements. This was an attempt to intimidate, pressure, and force Garlinghouse (and Ripple) into complying with the SEC.” He further stated.
Nevertheless, Deaton contended that the CEO of the company stood firm under the pressure, battled back at every turn, and ultimately emerged victorious.
The lawyer concluded that he adores America because in two years and a Presidential election, the future seems exceptionally promising for an industry, corporation, and its CEO.
It’s noteworthy that Deaton’s post contained a picture featuring Garlinghouse, the newly elected U.S. President Donald Trump, and Ripple’s CTO Stuart Alderoty, who had dinner together recently. The XRP community viewed this meeting as promising news for the company’s upcoming growth and the potential performance of its native token, XRP.
In the recent past, I’ve attributed the impressive comeback of the crypto market to Donald Trump’s victory in the presidential elections. Specifically, Ripple, a company I’m involved with, sealed more US deals during the last six weeks of the year than it did in the preceding six months. Now, an astounding 75% of our open positions are established right here in the United States.
Has Ripple Won the Case?
Although the company has secured some temporary court victories, a definitive resolution in the ongoing lawsuit remains elusive. Last year, Judge Analisa Torres ruled that Ripple should pay a $125 million civil penalty due to violations of federal securities laws during its institutional sales of XRP.
Here’s a more conversational way to phrase it: “In 2023, it was determined by the same judge that the company’s systematic sale of XRP to individual customers via centralized exchanges didn’t violate any regulations.
Ripple agreed with the verdict and was prepared to cover the penalty. To put it in perspective, the amount was only a small portion, roughly 5%, of the $4 billion that the Securities and Exchange Commission (SEC) originally proposed.
Nevertheless, the regulatory body filed an appeal in October, prolonging the decision’s timing indefinitely. Potential shifts within the SEC’s leadership, like appointing Paul Atkins – a supporter of cryptocurrencies – as Chairman instead of Gary Gensler, could lead to a more advantageous result for Ripple. However, it’s important for the XRP community to maintain some pragmatic expectations given the intricate nature of the ongoing legal proceedings.
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2025-01-08 15:24