U.S. District Judge Analisa Torres gave Ripple 30 days to pay its $125 million penalty while permanently restraining and enjoining the company from violating Section 5 of the Securities Act of 1933.
The U.S. securities regulator has requested a federal judge compel Ripple to produce more financial statements related to institutional sales of XRP, which were deemed illegal securities offerings in a 2023 ruling.
As a dramatic 2023 for digital assets draws to a close, CoinGeek speaks with Stephanie Breslow, co-author of 'Hedge Funds: Formation, Operation and Regulation' and partner at U.S. law firm Schulte Roth & Zabel, on the state of digital asset regulation in the U.S. at the court cases defining it.
The next step in the SEC v Ripple case is to see what Ripple ends up paying for its sales of XRP and if the SEC decides to appeal the earlier ruling.
Judge Analisa Torres set a trial date for April 23, 2024, for the remaining issues on the SEC v Ripple case, with both parties expected to submit pretrial filings by the end of the year.
The latest SEC submission to the U.S. District Court comes as a rebuttal to a September 1 filing by Ripple, which asserted that an appeal delayed the resolution of the overall case.
Lawyers for Ripple Labs filed a letter with the federal judge overseeing its lawsuit against the U.S. SEC, opposing the regulator's expected interlocutory appeal of a July 13 ruling in the case.
