The U.S. Securities and Exchange Commission (SEC) has dropped its charges against Ripple executives Chris Larsen and Brad Garlinghouse, canceling the scheduled trial for April 2024. However, the focus now shifts to Ripple’s alleged violation of securities laws through the sale of XRP. The company is accused of marketing over $700 million worth of XRP to institutional entities. The next phase in the Ripple case involves determining suitable punitive measures for these alleged breaches. The SEC and Ripple Labs are expected to propose a briefing itinerary concerning remedies by November 9, 2023. Journalist Eleanor Terrett predicts increased litigation during this phase, particularly regarding the financial penalty imposed on Ripple. While Ripple may seek a reduced fine, the SEC is likely to push for a larger sum to enhance its regulatory standing. The SEC also retains the right to contest specific decisions made by Judge Analisa Torres after the penalty phase. Terrett highlights the significance of these developments, not only for Ripple but for the broader crypto sector. The SEC has faced setbacks throughout this case, including failed attempts to shield the Hinman documents and a summary judgment that rejected their characterization of Ripple’s XRP sales as securities offerings.

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Information	Details
Geography	Europe
Countries	🇺🇸
Sentiment	neutral
Relevance Score	1
People	Chris Larsen, Brad Garlinghouse
Companies	FINRA, CySEC, U.S. Securities and Exchange Commission (SEC), FCA, Ripple
Currencies	XRP
Securities	None