Summary
The court has dropped the remaining charges in the legal case between the SEC and Ripple Labs, but the battle is not over yet. The SEC is requesting Ripple to release financial statements and contracts related to institutional sales. Ripple argues that the request is untimely and unjustified. The SEC claims that these documents are essential to determine if Ripple committed new violations. The court ruled in favor of Ripple in part, stating that its offering of XRP tokens was not a security. The SEC dropped charges against CEO Brad Garlinghouse and Ripple co-founder Chris Larsen. Both parties have until March 13, 2024, to file their briefs.
Key Points
1. The court has handed down its summary judgment and dropped the remaining charges in the case between the Securities and Exchange Commission and Ripple Labs. Despite these developments, the years-long legal battle is far from over.
2. Ripple and the SEC are currently disputing what documents the cryptocurrency issuer has to surrender for the court to issue injunctions and civil penalties. The SEC is requesting Ripple to release its financial statements from 2022 and 2023, as well as contracts related to institutional sales after the SEC’s initial complaint in December 2020.
3. Ripple argues that the SEC’s request is untimely and unjustified, stating that the information sought has no bearing on the court’s remedies determination. The SEC counters that the discovery period is still ongoing and these documents are essential to determine if Ripple committed new violations after the original complaint.