In a significant turn of events, Ripple, the renowned cryptocurrency payments company, released a new market report on Nov. 1, shedding light on the current status of its legal battle with the U.S. Securities and Exchange Commission (SEC), commonly referred to as the XRP case.
The report clarifies the aftermath of the SEC's surprising decision on Oct. 19, where all remaining charges against Ripple CEO Brad Garlinghouse and Executive Chairman Chris Larsen were dismissed "with prejudice." This final ruling signifies a conclusive end to the accusations, ruling out any possibility of future claims against these individuals and effectively eliminating the need for a trial scheduled for April 2024.
As the case moves forward, both parties are now entering the remedies stage, during which the court will determine appropriate remedies, if any, in light of the court's finding that certain institutional sales constituted sales of securities.
Ripple was previously fined $700 million due to institutional sales classified as securities. These developments follow a series of victories for Ripple, including a July 13 ruling that established XRP as not a security and an Oct. 3 decision rejecting the SEC's appeal.
Amid these legal challenges in the United States, Ripple has been making significant strides globally. The company recently secured a major payment institution license from MAS Singapore, a crucial milestone for Ripple's cryptocurrency payments business, especially given the strategic importance of Southeast and East Asia.