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XRP Lawsuit 2024: A Year in Review of the SEC’s Battle Against Ripple And What’s Next
As we bid adieu to a tumultuous 2024, the cryptocurrency world has been left reeling from the latest developments in the Ripple-SEC lawsuit. In this article, we’ll summarize the key events and provide an outlook on what lies ahead for both parties.
The year began with Ripple continuing its legal battle against the Securities and Exchange Commission (SEC) over the classification of XRP as a security. The case has far-reaching implications for the crypto industry, and we’ve tracked every twist and turn along the way.
**January: Ripple Requests Reconsideration**
In January, Ripple requested reconsideration of Judge Torres’s decision to deny its motion to strike down the SEC’s lawsuit. This move marked an early attempt by Ripple to discredit the SEC’s case.
**February: Ripple Seeks Stay in Proceedings**
Ripple filed a request to stay proceedings pending appeal in February, citing the need for clarity on the Howey test and other legal implications related to XRP’s status. The motion was rejected.
**March: Ripple Fights Back Against SEC Enforcement Action**
In March, Ripple refuted the SEC’s claims that it failed to register its cryptocurrency offerings, emphasizing that there is no precedent under the federal securities laws for requiring registration of digital assets.
**April: Ripple Secures Partial Victory in Federal Court**
The company achieved a partial victory in April when Judge Torres ruled that XRP is not a security under the Howey test. This significant win has long-term implications for cryptocurrency regulation.
**May: SEC Requests Reconsideration**
In May, the SEC requested reconsideration of the court’s decision, urging Judge Torres to reverse her earlier ruling. Ripple opposed the motion.
**June and Beyond: Ongoing Battle**
Since then, both parties have continued their legal battle, with no clear resolution in sight. The ongoing saga has left the crypto community on edge as it weighs the potential repercussions for the industry.
Looking ahead, we can expect this drama to continue well into 2025 and beyond.
**Upcoming Developments**
The coming year will be crucial for Ripple and its investors. Key milestones include:
* A mediation questionnaire is due from plaintiff Bradley Sostack by January 15, 2025.
* Appeal transcripts are required by January 30, 2025.
* Ripple must respond to the plaintiff’s appeal by April 7, 2025.
As we close out this tumultuous year, it is essential for cryptocurrency enthusiasts and investors alike to stay informed about these developments.
**Conclusion**
In conclusion, the ongoing legal battle between Ripple and the SEC has been a rollercoaster ride, with each party pushing for a decisive outcome. While the future of XRP’s classification remains uncertain, one thing is clear: this case will have far-reaching implications for cryptocurrency regulation in the United States.
Stay tuned to Coinpedia for the latest updates on the Ripple-SEC lawsuit and other significant developments in the world of cryptocurrencies.
Source: coinpedia.org
