The matter between Ripple Labs and the United States Securities and Exchange Commission is well known to those working in the crypto and community (SEC) industry. For a long time, the case has been ongoing. Now the SEC v Ripple case has resurfaced.
What was the case with Ripple XRP Vs SEC?
Ripple, Christian Larsen, co-founder of the company, executive chairman of the board and former CEO, and Bradley Garlinghouse, current CEO of the company, have secured funds to finance the activities of the company, according to the SEC complaint. According to the complaint, Ripple began raising funds in 2013 by selling digital assets known as XRP as part of an unregistered security offering to investors in the United States and around the world.
Ripple is also accused of distributing billions of XRP in exchange for non-cash services like labor and market making. According to the lawsuit, Larsen and Garlinghouse performed unregistered personal XRP transactions totaling approximately $ 600 million, in addition to structuring and marketing the sales of XRP used to support the company’s operations.
SEC v Ripple case resurfaced
According to the complaint, the defendants failed to register their offers and sales of XRP or failed to meet an exemption from registration, in violation of registration restrictions under federal securities laws.
However, according to the most recent court order, the final judgment and hearing would not be due until January 2022. Sadly, no one knows what prompted Judge Sarah Netburn to demand that both parties submit claims. specific documents.
Regarding the fact that these documents must be provided as quickly as possible, with a deadline of December 8. As a result, Judge Sarah Netburn explains that in exchange for such a privilege, Ripple Labs and the SEC must write letters detailing their claims against each other as well as their defenses. In addition, the judge specifies that these letters must not exceed three pages.
This now appears to be a critical milestone for Ripple XRP and the SEC as they only have five days to resolve the issue.
In addition, it has already been said that previous court rulings were deliberately biased in favor of the SEC. Additionally, Ripple Labs’ request to the SEC for certain registrations, including emails and crypto wallets from SEC employees, was denied. Additionally, Ripple felt that the documents presented by the SEC were completely irrelevant to the current issue.
Despite this, Brad Garlinghouse, CEO of Ripple Labs, strongly believes in the concept. In addition, unlike previous court proceedings, both parties are now subjected to a fair series of questions from the judge. Additionally, the CEO claims the judge is finally seeing the problem much bigger than Ripple alone.
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