Ripple Labs’ Chief Legal Officer, Stuart Alderoty, has taken steps to address the misinformation surrounding the lawsuit between Ripple and the SEC. This comes after a Twitter post by a prominent digital currency influencer, known as ‘Crypto Eri’, failed to clearly explain the next steps in the case, particularly the final pretrial conference.
Alderoty clarified the inaccuracies in the social media post, including the incorrect date of the last pretrial conference. He stated that there will be no such conference, as the SEC has dropped the charges against Ripple CEO Brad Garlinghouse and co-founder Chris Larsen.
Alderoty also highlighted the important dates in the case. He revealed that recommendations for penalties will be made by April 22, 2024, and the SEC will have 15 days to respond to the motion. These deadlines are part of the standard legal procedures following the SEC’s stance in the lawsuit.
The outcome of the Ripple-SEC case is of significant interest to the broader crypto market, as it could influence future regulatory approaches to other digital assets in the US. The case initially revolved around whether XRP should be classified as a security or non-security token. The twists and turns in the legal proceedings have impacted Ripple’s performance in the market, leading to uncertain investor sentiment.
Throughout the legal battles, Ripple has strived to provide clarity and ensure all parties are informed about the current procedures. The crypto ecosystem is closely watching for any updates on the agency’s findings, as the outcome could establish standards for prosecuting virtual assets within the US legal system.
