District Court for the Southern District of New York on the SEC’s claims against Ripple Labs has been generally hailed as a victory for the token Apr 13, 2023 · The SEC argued that the longstanding supreme court precedent, which gave rise to the Howey test — which is used to determine what constitutes a security — provides Ripple Labs with fair notice Aug 29, 2023 · Ripple Labs is hosting a victory party in New York City on September 29 to celebrate its recent legal win against the U. al matter out of the U. They’re class members anyway. The legal trouble kept XRP Dec 29, 2023 · On Thursday, Judge Jed Rakoff gave the SEC a much-needed win in the US courts. This case is closely Feb 3, 2023 · In total, Ripple Labs has publicly reported $11. Ripple Labs, Inc. ”). Ripple urged the court to deny the SEC’s requests for an The United States Securities and Exchange Commission (SEC) has strongly opposed Ripple Labs’ recent request for a reduced financial penalty, asserting that the company’s proposed $10 million Mar 24, 2022 · The bitter legal dispute has been going on since late December 2020, after the SEC alleged that Ripple Labs generated $1. The charges that are outlined in Case 1:20-cv-10832, outline allegations of the plaintiffs selling $1. Securities and Exchange Commission (SEC), US blockchain firm Ripple has obtained a positive ruling from a U. The Company offers an open source payment system and a math-based virtual currency that powers distributed currency exchange Dec 5, 2022 · Ripple's founders created XRP in 2012. (Reuters) -The U. 3:14. Securities and Exchange Commission (SEC) is entering a pivotal week, with Ripple’s defense team gearing up to file its opposition brief. Nov 2, 2023 · Amid regulatory ripples, Ripple Labs’ Chief Legal Officer, Stuart Alderoty, has recently expressed concerns over the U. In another installment of its legal struggle against the U. July 13 (Reuters) - Ripple Labs Inc did not violate federal securities law by selling its XRP token on public exchanges, a U. Securities and Exchange Commission (SEC). SEC and Ripple Labs will continue, currently in the remedies phase, until an imminent appeal and settlement. LBRY on the agency’s enforcement around digital assets, where it pushes the boundaries of U. August 11, 2023 3:59 PM UTC Updated ago. March 25, 2024: The SEC seeks $2 billion in fines and penalties from Ripple Labs, escalating the legal battle. 95 Mar 26, 2024 · The US Securities and Exchange Commission is seeking $2bn in penalties from Ripple Labs after a US federal court found the cryptocurrency group had violated securities laws by improperly selling SEC v. Ripple Labs, a case that will likely have substantial ramifications for crypto industry developers, securities practitioners, investors and token purchasers. litigation. Securities and Exchange Commission dropped claims against two Ripple Labs executives in its lawsuit alleging the blockchain company violated U. Jan 19, 2022 · Ripple Labs, Inc. judge ruled on Thursday, a landmark legal victory for May 20, 2023 · The court case between SEC and Ripple Labs has been ongoing for nearly two and a half years, but a summary judgment ruling could be made any day. v. Since then, the firm has shelled out nearly $8. Judge Rakoff reportedly ruled that Terraform Labs and its founder, Do Kwon, violated securities laws by failing to Dec 29, 2023 · XRP gained 0. 6% to 1. 24698 Total views . , 2023 WL 4507900 (S. ripple . 95 billion. LEXIS 120486, at *19 (S. 3 billion Dec 22, 2020 · Ripple CEO Brad Garlinghouse. Ripple Labs objected to the Securities and Exchange Commission’s request to appeal a federal judge’s ruling that cryptocurrency wasn’t a security when sold to the public. , No. The order pertains to Ripple’s request to dismiss the Aug 10, 2023 · Last month’s decision by a court in the U. This is the first industry win against the SEC, and sets the precedent for other crypto assets, tokens and securities regulation in the United States. Ripple Payment and Exchange Network. This case was always about one thing Mar 26, 2024 · Ripple is facing a substantial legal challenge as the U. 38 billion to fund Ripple’s operations, and to enrich its founders and current CEO, without registering those offers and sales of XRP with the commission, according to the suit. is an American technology company which develops the Ripple payment protocol and exchange network. In 2020—nearly a decade after Ripple created its digital token, XRP—the SEC sued Ripple, alleging that XRP was an investment contract pursuant to the Howey test. Allegedly, Ripple Labs is selling unregistered securities, instead of a commodity, in a centralized environment. May 6, 2024 · SEC case update as of May 6, 2024. Securities and Exchange Commission (SEC), issued a new scheduling order on Ripple’s motion to Aug 11, 2023 · US SEC seeks to appeal Ripple Labs crypto decision. The SEC is accusing the two Ripple Labs execs of selling over 14. securities law Sep 19, 2022 · The United States Securities and Exchange Commission (SEC) and Ripple Labs have both called for a federal judge to make an immediate ruling on whether Ripple’s XRP sales violated U. Ripple scored a partial win in July 2023 when a judge ruled that XRP’s sale on digital asset exchanges did not constitute investment contract offers. Nov 16, 2021 · SEC ‘has been hostile’ to firms, Ripple’s top lawyer says; Brad Garlinghouse, chief executive officer of Ripple Labs Inc. Judicial Magistrate Sarah Netburn, who is presiding over the trial between Ripple Labs and the U. The news comes from Ripple Lab’s Chief Jul 14, 2023 · Ripple Labs notches landmark win in SEC case over XRP cryptocurrency 'Vast swathes’ of XRP owners in Ripple case don’t believe the tokens are securities. 6 billion units of XRP for $1. Ripple Labs Inc. The crux of the dispute is whether Ripple's XRP token can be considered an “investment contract” and therefore a security under the Securities Act of 1933. SEC v Coinbase and SEC v Apr 22, 2024 · The ongoing legal battle between Ripple Labs and the U. Howey decision in 1946, laying out a specific definition of what constitutes a security. 6 billion XRP tokens as means to fund the company and get rich. Jun 17, 2024 · On June 13, Ripple cited the SEC’s settlement with Terraform Labs when it again asked Judge Analisa Torres of the United States District Court for the Southern District of New York for a penalty Mar 6, 2023 · March 3 (Reuters) - Ripple Labs Inc said in court papers Friday that a recent U. We outline the major points in the SEC charges along with comments as to […] Mar 26, 2024 · Ripple Labs, a technology and cryptocurrency company, must pay the United States Securities and Exchange Commission (SEC) a presumed $2 billion in fines. [1] Oct 20, 2023 · Roughly three years ago, the SEC accused Ripple Labs, which has close ties with XRP, of violating securities laws by raising $1. Dist. Jul 14, 2023 · The crypto industry notched a crucial win in its battle with regulators Thursday when a judge ruled that Ripple Labs did not violate federal securities law by offering its XRP token on public Apr 26, 2024 · Ripple Labs argues against the SEC's demand for substantial civil penalties, proposing a more reasonable penalty of $10 million. Oct 19, 2023 · Follow. July 13, 2023) (“The Court declines to adopt Defendants' ‘essential ingredients’ test, which would call for the Court to read beyond the plain words of Howey and impose additional requirements not mandated by the Supreme Court. Securities and Exchange Commission has made an "unprecedented" move to keep the names of its expert witnesses under wraps, Ripple Labs Inc said in a filing in the agency's highly-watched Jul 26, 2023 · First, the SEC also scored important victories in Ripple Labs related to institutional investors and Defendants’ due process defense. )Dear Judge Torres:Pursuant to Section III(A) of the Court’s Individual Practices, Plaintiff Securities and Exchange Commission (“SEC”) respectfully sets forth the basis for its anticipated 28 U. Mar 2, 2022 · This may be the year that the SEC’s enforcement authority over cryptocurrencies is settled in court, and the legal battle between the SEC and Ripple Labs is underway in the Southern District of New York, says attorney J. Securities and Exchange Commission (SEC), the cryptocurrency solutions provider scored a massive victory after a judge denied Apr 3, 2024 · See SEC v. 3 billion, alleging that the fintech firm tied to XRP violated its rules when it sold the token without registering it as a security. The cryptocurrency world is abuzz with excitement May 6, 2024 · July 13, 2023: Ripple Labs wins the case, with Judge Torres ruling that Ripple did not break the law when XRP was sold on public exchanges. ) Dear Judge Torres: Pursuant to Rule I(C) of this Court’s Individual Practices, Plaintiff Securities and Exchange Commission (“SEC”) respectfully requests that the Court extend the expert rebuttal report deadline to November 12, 2021, and the expert discovery deadline from November 12, 2021 to January 14 Ripple is a real-time gross settlement system, currency exchange and remittance network that is open to financial institutions worldwide and was created by Ripple Labs Inc. 20-10832. The case between Ripple Labs and Judicial Magistrate Sarah Netburn, who is presiding over the trial between Ripple Labs and the U. Magistrate Judge Sarah Netburn has issued a scheduling order in the ongoing legal battle between Ripple Labs and the Securities and Exchange Commission (SEC). 8% of the defendant’s gross revenues. Securities and Exchange Sep 22, 2022 · Ripple Labs is a registered American company, meaning that the SEC is able to pursue legal action against them, unlike bitcoin , where the creator is unknown, or other big cryptocurrencies that Apr 26, 2024 · Ripple must file a rebuttal by May 2, 2024, following the SEC’s April 29 deadline. 3 billion unregistered securities offering by selling XRP, which Ripple's founders created in 2012 Nov 2, 2022 · This GT Alert discusses cross motions for summary judgment in the SEC's case against crypto tech company Ripple Labs for violating investor protection laws. 1 day ago · The SEC sued Ripple Labs in 2020 for $1. Ripple Labs, Inc. With the legal dispute between the United States Securities and Exchange Commission ( SEC) and Ripple far from over, the blockchain company has filed further support of its motion to strike new expert materials and in reply to the securities watchdog’s opposition to this motion. Apr 23, 2024 · The SEC’s proposal asked the court to order Ripple Labs to pay $876 million in disgorgement, $198 million in prejudgment interest, and a $876 million civil penalty, amounting to a total of $1. Y. While the SEC deems numerous features of Ripple’s offering Jul 22, 2023 · The SEC is at it again. Judge Netburn, nominated as a federal judge, impacts crypto cases. Ripple’s Defense and Allegations Compliance with the Howey Test in the Ripple vs. The SEC’s action is misguided, but the suit will test whether the commission has authority to regulate crypto as securities, which could determine the The SEC's proposal asks the court to order Ripple Labs to pay $876 million in disgorgement, $198 million in prejudgment interest, and $876 million civil penalty, amounting to a total of $1. Judge Rakoff ruled Terraform Labs and founder Do Kwon failed to register TerraUSD and Luna as securities. The SEC faced another loss after the judge rejected its motion to appeal its Jun 1, 2023 · In the course of the SEC-vs-Ripple legal battle, several motions filed by the SEC have been denied by the courts. Supreme Court decision supports one of its key defenses in the U. token is a security when sold to institutional investors but not the general public, a long-awaited decision that was widely hailed as a victory for the crypto industry over the SEC. , a US-based technology company. 3 billion through the sale of unregistered securities. 95 A mid ongoing legal battles between Ripple Labs and the US Securities and Exchange Commission (SEC), recent speculation regarding a potential settlement has been met with skepticism and outright Mar 25, 2024 · The SEC sued Ripple, its CEO Brad Garlinghouse and co-founder Chris Larsen in 2020, accusing them of illegally raising more than $1. Torres considered the extension of XRP lawsuit as per new dates fair enough to resolve disputes between the parties. SEC Case EC v. Second, this Comment argues that the . 6352. Notably, the tussle between the U. A federal judge ruled that the Ripple Labs Inc. says newly unsealed documents detailing deliberations over a key speech by a former SEC official are key to its defense against allegations that the firm raised more than $1. Third, even if Ripple Labs stands, its holding that many crypto tokens are not securities may inhibit the growth of a healthy crypto Jul 20, 2023 · The Court’s July 13 decision that the crypto asset XRP is not a security is a landmark ruling, not just for Ripple, but for the entire U. 95 Jul 11, 2022 · The U. Sep 1, 2023 · 2:28. cryptographer until July 2018 and is currently Ripple’s chief technology officer. securities Jan 10, 2024 · Cryptocurrency company Ripple Labs, known for its XRP coins, is buying back $285 million worth of shares in the company from early investors and employees, two sources familiar with the matter Jul 20, 2021 · An SEC lawsuit filed in December accuses Ripple of violating federal securities laws. , et. Attention to the dispute has increased Jul 14, 2023 · Chris Dolmetsch. Ripple Agent-1, age 55, is a California resident who co-founded Ripple and received two billion XRP shortly after Ripple’s founding. Securities and Exchange Commission's case Jul 13, 2023 · Plaintiff, the Securities and Exchange Commission (the “SEC”), brings this action against Defendants Ripple Labs, Inc. Coinbase praises Netburn for transparency in the Ripple case. Ripple Labs CEO Brad Garlinghouse recently published a post on social media, saying that the SEC intends to ask the Judge for $2 billion in a lawsuit “that involved no allegations (let alone findings)” of fraud or reckless behavior. “As Ripple’s opposition explained, in comparable (and even in more egregious) cases, the SEC has agreed to civil penalties ranging from 0. 1 billion in ODL-related sales from the beginning of 2021 until the end of 2022. Ripple Agent-2, age 42, is a Florida resident who served as Ripple’s “Head of XRP Jul 14, 2023 · Ripple Labs (“Ripple”) was one of the first companies to emerge in the crypto space and is now among the first to secure a win against the SEC. Securities and Exchange Commission (SEC) seeks $2 billion in fines and penalties against the company. operates as an enterprise blockchain company. et al. N. securities law Dec 5, 2023 · Ripple Labs Inc. Delivering a split decision on competing summary judgment motions, the court Aug 10, 2023 · August 9, 2023 at 7:23 PM PDT. District Court for the Southern District of New York (SDNY) in SEC v. . The Securities and Exchange Commission asked a federal judge for permission to appeal her ruling that Ripple Labs ’ XRP token is not a security when sold to the general public, arguing According to the SEC’s request, it wants Ripple Labs to be ordered to return $876 million in gains, pay $198 million in prejudgment interest, and a $876 million in civil fines, totaling Nov 2, 2023 · The same day that the U. By Jonathan Stempel. The U. Lawyers representing Ripple Labs have argued that the United States Securities and Exchange Commission’s (SEC) request to examine additional financial documents Feb 26, 2024 · The SEC’s lawsuit against Ripple Labs has become one of the most important regulatory battles in the crypto space. S. Securities and Exchange Commission appeal her recent decision involving Ripple Labs, a ruling that has been seen as a Oct 19, 2023 · By Jody Godoy. Stuart Alderoty said the SEC wanted to "punish and intimidate Ripple" and the wider crypto sector. The company sold more than 14. Howey, and how it redefines investment contracts and common enterprises. The Jul 13, 2023 · By Jody Godoy. , also known as case number 20-CV-10832 in the Southern District of New York. D. Dec 20, 2023 · But I can't look away from the slow-burning production called Securities and Exchange Commission (SEC) v. May 6, 2024 · Ripple Vs SEC News: Several experts claim the long-running XRP lawsuit is to end really soon as Judge Torres’ final ruling could come this year, most probably in September. Jul 20, 2023 · The U. The seal of the U. (“Ripple”) and two of its senior leaders, Bradley Garlinghouse and Christian A. 3 billion through an unregistered, ongoing digital asset securities offering. Larsen, alleging that Defendants engaged in the unlawful offer and sale of securities Mar 21, 2024 · According to a court filing dated March 20, Judge Analisa Torres granted order on a joint motion by Ripple Labs and the SEC governing sealing issues related to the upcoming remedies-related briefing. 3 billion from an unregistered security offering via Ripple‘s XRP. 4 billion throughout a sustained XRP buying campaign initially pitched to protect the token’s markets and its customers, averaging more than $1 billion per quarter. In December 2020, the SEC charged Ripple and two of its executives with purportedly raising more than $1. Follow. 27% of Terraform Labs’ $33 billion gross sales. 3 billion through XRP sales to investors. Mar 26, 2024 · The SEC is seeking fines and penalties worth $2 billion from Ripple Labs, its legal chief said. With the SEC seeking final judgment and nearly $2 billion in penalties, Ripple is set to submit its sealed response on April 22, followed by a Aug 9, 2023 · A federal judge has issued a timeline for when we can expect to hear the US Securities and Exchange Commission’s arguments against Ripple Labs and its current and former executives in front of a jury. Following years of protracted legal battles, including a partial win for Ripple last fall, Ripple proposed a fine of $10 million in April; the SEC countered that it sought May 17, 2023 · In a major development in Ripple Labs' ongoing battle with the U. Aug 18, 2023 · 1:45. First, this Comment observes that the facts of the case constitute a challenge to the lack of clarity surrounding the current regulatory regime governing blockchains and initial coin offerings (ICOs). denied the SEC's request for an interlocutory appeal of the bombshell summary judgment ruling in the case, the SEC filed a legal brief in a separate matter providing insight into how it will adjust its legal theories in light of the court's ruling. Securities and Exchange Dec 23, 2020 · We have reviewed the 71 page SEC complaint against Ripple Labs Inc. N. , during the Milken Institute Global Conference in Beverly Hills Jun 13, 2023 · The emails show agency officials commenting on 2018 speech. Jan 4, 2023 · The agency also alleges that Ripple Labs distributed billions of XRP in exchange for non-cash considerations, like labor and market-making services. The US Securities and Exchange Commission said it intends to challenge a federal judge’s ruling that Ripple Labs Inc. § 1292(b) motion for leave to file an interlocutory appeal as to the two Sep 18, 2022 · The SEC sued Ripple Labs, CEO Brad Garlinghouse and Chairman Chris Larsen in December 2020 (a day before former SEC Chair Jay Clayton stepped down from the role) on allegations that it had raised Mar 26, 2024 · The SEC's proposal asks the court to order Ripple Labs to pay $876 million in disgorgement, $198 million in prejudgment interest, and $876 million civil penalty, amounting to a total of $1. (Ripple) Jul 13, 2023 · The SEC had accused the company and its current and former chief executives of conducting a $1. ipple Labs, Inc. Number of employees. Securities and Exchange Commission (SEC) is seen at their Aug 18, 2021 · The SEC initiated the lawsuit against Ripple Labs, CEO Brad Garlinghouse, and co-founder Chris Larsen. December 5, 2023 - On July 13, 2023, Judge Analisa Torres issued a summary judgment decision in SEC v. Ripple on Jun 26, 2023 · Ripple Labs XRP Secures Victory in Ongoing Legal Battle Against SEC. Securities and Exchange Commission’s (SEC) regulatory conduct. 35 Total shares . May 2, 2023 · Ripple and SEC v. The regulatory status of XRP, the crypto released by Ripple, has been the subject of legal discussions in the crypto community and beyond. and two of its executives. Released in 2012, Ripple is built upon a distributed open source protocol, and supports tokens representing fiat currency, cryptocurrency Jun 18, 2024 · Ripple’s lawyers argue that the $420 million civil penalty represents approximately 1. 1,120 (2023) [2] Website. Fresh debates on settlement in Ripple vs SEC started as the SDNY Court’s proceeding calendar for the week of April 15 displays a “Final Pretrial Conference” between the U. ’s XRP token isn’t a Oct 4, 2023 · NEW YORK, Oct 3 (Reuters) - A federal judge on Tuesday refused to let the U. Listen. 22. The SEC had earlier filed a motion, in December 2022, to block Ripple Labs from Mar 25, 2024 · The U. Oct 19 (Reuters) - The U. Originally named Opencoin and renamed in 2015, the company was founded in 2012 and is based in San Francisco, California. District Court for the Southern District of New York. Mar 26, 2024 · According to the SEC’s request, it wants Ripple Labs to be ordered to return $876 million in gains, pay $198 million in prejudgment interest, and a $876 million in civil fines, totaling 2 days ago · The SEC filed a lawsuit against Ripple Labs in 2020, alleging the company violated regulations by raising funds through the sale of XRP without registering it as a security. District Court, Southern District of New York, No. 23. Securities and Exchange Commission (SEC) is apparently asking a New York judge to levy a $2 billion judgment against Ripple Labs, according to social media posts from the crypto company t of New YorkRe:SEC v. SEC and Ripple Labs on April 16. advertisement. Beyond the celebration, the event serves as a platform for reflecting on the broader implications of Ripple Labs’ legal triumph. . , 2023 U. com. (Reporting by Jonathan Stempel and Jody Godoy in New York; Editing by Edwina Gibbs) Mar 26, 2024 · You can cancel any time. 3 billion in an unregistered securities offering by selling XRP. Second, the Court’s counterintuitive holding may be vulnerable on appeal. Securities and Exchange Commission (SEC) believes Ripple Labs violated federal securities laws in selling the XRP cryptocurrency to retail consumers Jan 24, 2024 · Ripple Labs CTO David Schwartz sat down with The Protocol for a wide-ranging interview on XRP, the SEC and more. Ripple . 20-cv-1. Carl Cecere. However, the courtroom details remained unspecified. crypto industry. The US Supreme Court issued the landmark SEC V. The Securities and Exchange Commission is asking a New York judge to impose a nearly $2 billion fine against crypto firm Ripple Labs for violating investor-protection laws Aug 17, 2023 · A new battlefront has opened up in the Securities and Exchange Commission’s nearly three-year-old lawsuit against cryptocurrency firm Ripple Labs following a federal judge’s [ruling last month Jan 20, 2024 · Own this piece of crypto history. 3 billion through an unregistered offering of digital asset securities. 08% on Thursday, ending the session at $0. District Court for the Southern District of New York issued its long-anticipated opinion in SEC v. District Court Judge in Manhattan who overruled the regulator’s attempts to withhold documents from Oct 4, 2023 · The case is SEC v Ripple Labs Inc et al, U. US District Judge Analisa Torres in New York on Thursday said that the crypto firm’s sales of Apr 23, 2024 · In a new filing, Ripple Labs opposed the SEC’s request to a federal judge to impose the almost $2 billion fine on the company. case provides regu- The SEC’s proposal asked the court to order Ripple Labs to pay $876 million in disgorgement, $198 million in prejudgment interest, and a $876 million civil penalty, amounting to a total of $1. C. The case is expected to go to trial in the Southern District of New York during the second quarter of 2024, court filings released Wednesday show. The SEC posits that Ripple Labs’ offering and sale of XRP straightforwardly qualify as an investment contract under the Howey Test. The SEC sued the San Francisco-based company and its current and former chief executives in December 2020, alleging they have been conducting a $1. Apr 16, 2024 · Ripple Vs SEC Pre-Trial Conference. July 13, 2023), holding Feb 6, 2024 · A New York judge has ordered Ripple Labs to produce certain financial statements and information on the institutional sale of XRP tokens at the request of the U. xx xy ym ru ki mq ul ob jl il