SEC Removes Ripple Lawsuit Reference from Website Amid Ongoing Legal Battle
The SEC has removed the reference to the Ripple lawsuit from its website, sparking speculation about potential implications for the crypto market. This decision follows a lengthy legal battle that began in December 2020, when the SEC accused Ripple of raising over $1.3 billion through unregistered sales of XRP, claiming it was a security.
Key points:
- The SEC's removal introduces uncertainty regarding the lawsuit's status.
- Ripple maintains that XRP is a digital currency, not subject to securities laws.
- The case remains active on PACER, with recent developments indicating ongoing litigation.
- Ripple's legal team requested an extension until April 16, 2025, to respond to the SEC's appeal.
- The district court ruled that XRP itself is not a security, but Ripple's institutional sales are classified as such.
- The SEC has filed an appeal against this ruling.
- Ripple's CEO and Chief Legal Officer criticized the SEC's appeal as attempts to alter previous rulings.
- A $125 million fine imposed on Ripple remains, reduced from $1 billion.
The situation continues to evolve, with significant implications for Ripple and the broader crypto landscape.