Description
The SEC sues Ripple Labs for failing to register the digital token XRP as a security before selling it to institutional investors.
Legal Significance
In a rare dismissal, the SEC drops its case against Ripple’s executives, leaving only charges against Ripple for 'institutional sales.' The central questions in the case are whether Ripple's alleged misconduct could be repeated and what level of sanction is appropriate for Ripple’s offer and sale of unregistered securities.
Status
Settled
Case No.
1:20-cv-10832
Date Filed
December 22, 2020
Plaintiff
SEC
Defendant
Ripple Labs Inc.Bradley GarlinghouseChristian A. Larsen
Court
USDC Southern District of New York
Plaintiff Counsel
Jorge Gerardo TenreiroBenjamin HanauerDaphna Abrams WaxmanMarc Jonathan JonesMark Raymond SylvesterPeter Moores
Defendant Counsel
Debevoise & Plimpton LLPKellogg Hansen Todd Figel & Frederick PLLCCleary Gottlieb Steen & Hamilton LLPPaul Weiss Rifkind Wharton & Garrison LLP
Major Filings
Amicus Brief of The Chamber of Digital Commerce in Support of Defendants’ Motion for Summary Judgment
September 21, 2022
Amicus Brief of Investor Choice Advocates Network in Support of Defendants’ Motion for Summary Judgment
October 28, 2022
Amicus Brief of Spend the Bits, Inc. in Support of Defendants’ Motion for Summary Judgment
October 28, 2022
Amicus Brief of The Blockchain Association in Support of Defendants’ Motion for Summary Judgment
November 15, 2022
Amicus Brief of Paradigm Operations LP in Support of Defendants’ Motion for Summary Judgment
November 15, 2022
Amicus Brief of Reaper Financial in Support of Defendants’ Motion for Summary Judgment
November 15, 2022
Amicus Brief of The Crypto Council of Innovation in Support of Defendants’ Motion for Summary Judgment
November 15, 2022
Amicus Brief of Cryptillian Payment Systems in Support of Defendants’ Motion for Summary Judgment
November 16, 2022
Amicus Brief of The New Sports Economy Institute in Support of SEC’s Motion for Summary Judgment
November 18, 2022
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