The ongoing legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) remains active, according to legal experts, despite rumors fueled by recent changes on the SEC’s website. The lawsuit, initially filed in December 2020, accuses Ripple Labs, along with executives Brad Garlinghouse and Christian A. Larsen, of facilitating $1.3 billion in unregistered securities sales through XRP, Ripple’s native token.
Ripple SEC Lawsuit Still Not Over
Speculation emerged after observers noted the lawsuit was no longer listed in the “Litigation Releases” section of the SEC website, sparking discussions that the regulator might have dropped the case. In contrast, cases against other crypto firms like Coinbase remain visible in that section. However, legal professionals clarified that the Ripple case is still accessible in other areas of the website, such as “Award Claims” and “Cases on Appeal.”
@CherryEmpress21 found out that it’s just been moved to the “cases on appeal” section of the website.
— Jeremy Hogan (@attorneyjeremy1) January 28, 2025
Addressing the changes, attorney Jeremy Hogan commented on X (formerly Twitter). He stated, “It could be something within the SEC, but it has no bearing on the lawsuit. The court doesn’t care what the SEC does on its website.”
The case’s legal status remains unaffected by the website adjustments. Court records on PACER, the federal court’s electronic filing platform, confirm that the case continues as scheduled. Recent updates from the U.S. Court of Appeals include a timeline requiring the XRP firm and its executives to submit briefs by April 7, 2025. Failure to meet this deadline could result in appeals being denied.
The lawsuit has been marked by contrasting judgments since its inception. In 2023, a ruling determined that Ripple’s institutional XRP sales violated securities laws, while retail sales did not. The firm subsequently paid $125 million in fines. Both the SEC and Ripple appealed certain aspects of the decision, prolonging the legal proceedings.
Market Reacts Strongly
The changes on the SEC website have sparked debates within the crypto community about potential regulatory shifts. Speculation over the agency’s tactics gained traction online, with one influencer posting, “Is Ripple free from the SEC? When I searched for ‘Ripple’ in the litigation section, do you know what I found? Nothing!”
Amid this uncertainty, activity in the XRP market has surged. Reports indicate that large holders, or whales, recently acquired 120 million XRP tokens. This coincided with a statement from a former Ripple executive hinting at forthcoming positive developments for the XRP ecosystem.
Also Read: XRP Price Outperforms Bitcoin Despite “Shitcoin” Allegations From BTC Maxis
Source: https://www.cryptonewsz.com/ripple-sec-lawsuit-over-legal-expert-truth/