Is the Ripple vs. SEC Dispute Nearing its End? CFO Suggests Resolution by 2024
Ripple’s Chief Financial Officer, David Schwartz, has provided a glimmer of hope for the ongoing Ripple vs. SEC lawsuit, suggesting that there is a reasonable chance of the case concluding this year. In an interview with Tony Edward, the founder of Thinking Crypto, Schwartz expressed optimism about a potential resolution in 2024.
The deadline for final motions in the case is April 29th, and a judge’s ruling could potentially be issued by the summer. The decision regarding sanctions or injunctions will depend on the details of the violations that occurred before 2020.
The XRP community has been eagerly following the developments in the lawsuit and Schwartz’s statement has sparked interest among them. The remedies stage of the case is currently underway, with the court’s schedule indicating that the last motion will be expected by April 29, 2024. After this, Ripple will respond to the SEC’s remedies-related motion. Legal experts anticipate that Judge Analise Torres may issue the remedies ruling by the summer.
In a recent twist, Judge Torres, based in New York, has mandated that Ripple Labs provide financial statements and information about the institutional sale of XRP tokens. This requirement came after a lawsuit accusing the crypto firm of unlawfully selling unregistered securities nationwide. Judge Torres’ ruling in July, which identified only Ripple’s institutional XRP sales as violating U.S. securities laws, was seen as a victory for the crypto industry’s quest for regulatory clarity.
To determine whether to impose injunctions or civil sanctions, Judge Torres will examine documents related to violations that occurred before the 2020 filing. The SEC had previously sought sanctions against Ripple in early January, escalating the legal battle.
While the factors influencing Schwartz’s prediction are not clear, the final resolution of the case rests in the hands of the presiding judge. Despite the legal twists and turns, Ripple has experienced moments of success, and its dedicated community remains hopeful for positive outcomes in the future.