Ripple, the globally recognized cryptocurrency payments company, recently unveiled a comprehensive market report that delves into the recent dismissal of charges by the U.S. Securities and Exchange Commission (SEC) in the ongoing XRP case. This development makes a pivotal moment in the legal saga and sheds light on the current state of affairs through the report released on November 1.
Background of the XRP Case: SEC’s Allegations
To understand the significance of this dismissal, it’s essential to delve into the background of the XRP case. The SEC had initially filed a lawsuit against Ripple in December 2020, alleging that the company conducted an unregistered securities offering through the sale of XRP. The dismissal of charges against Ripple CEO Brad Garlinghouse and Executive Chairman Chris Larsen represents a critical turning point in Ripple’s legal battle against the SEC.
Definitive Ruling: Dismissal “With Prejudice”
The report provides clarity on the repercussions of the SEC’s unexpected decision on October 19, wherein all outstanding charges against Ripple CEO Brad Garlinghouse and Executive Chairman Chris Larsen were dismissed “with prejudice.” This definitive ruling brings a conclusive end to the allegations, eliminating any potential for future claims against these key figures and rendering the scheduled trial for April 2024 unnecessary.
Remedies Stage: Post-Dismissal Legal Proceedings
As the case progresses, both Ripple and the SEC are now entering the remedies stage. This phase involves the court determining appropriate remedies if deemed necessary, following the revelation that certain institutional sales were classified as securities.
Ripple had previously incurred a $700 million fine in relation to these sales. Noteworthy victories for Ripple include a July 13 ruling that established XRP as not security and an October 3 decision that rejected the SEC’s appeal.
Global Strides Amid Legal Complexities
Amidst the legal developments in the United States, Ripple continues to make substantial global strides. Recently, the company achieved a significant milestone by securing a payment institution license from MAS Singapore.
This accomplishment holds strategic importance for Ripple’s cryptocurrency payments business, particularly in the dynamic markets of Southeast and East Asia. The MAS Singapore license not only reflects Ripple’s commitment to regulatory compliance but also positions the company favourably in expanding its presence and services in key global regions.
