Ripple, SEC argue to the very end of years-long legal battle 

SEC and Ripple continue to fight over what is allowed during the remedies discovery period


The court has handed down its summary judgment and dropped the remaining charges in the case between the Securities and Exchange Commission and Ripple Labs. Despite these developments, the years-long legal battle is far from over.

Ripple and the SEC continued to spar this week over one of the final steps of the case: what documents the cryptocurrency issuer has to surrender so the court can hand down injunctions and civil penalties. 

The SEC has asked the judge to order Ripple to release its financial statements from 2022 and 2023, and contracts pertaining to institutional sales that are dated after the securities regulator filed its initial complaint in December 2020. 

Read more: One year after SEC lawsuit, Ripple CEO says 2021 was their best year yet

SEC attorneys also request that Ripple reveal how much it made in proceeds from institutional sales since the complaint was filed on contracts dated pre-complaint. 

Ripple said the request is “untimely,” arguing that the SEC could have asked for this information back when the discovery period was open. Plus, Ripple’s defense team wrote in a Jan. 19 court filing, the SEC’s demands are unjustified and “irrelevant” since “ the information the SEC seeks has no bearing on the Court’s remedies determination.” 

The SEC countered in a Jan. 23 court filing, arguing that the discovery period is far from over — the court ruled in November that remedies-related discovery will be accepted until Feb. 12, 2024. The agency also argued that these documents are essential to determine whether Ripple completed “new violations” after the SEC filed its original complaint. 

Read more: SEC and Ripple ‘at an impasse’ as legal drama moves closer to an end

The court granted Ripple a partial victory through summary judgment when Presiding Judge Analisa Torres ruled that the company’s programmatic offering of XRP tokens was not a security. CEO Brad Garlinghouse said the company has spent over $150 million on its defense.

Torres’ ruling sided in part with the SEC, agreeing with the regulator that Ripple had offered an unregistered security with its institutional sales of XRP. The court mandated a trial for the remaining matters. These included accusations of aiding and abetting securities law violations against CEO Brad Garlinghouse and Ripple co-founder Chris Larsen. However, the SEC dropped these charges in October.

If the parties are able to come to an agreement on remedies-related discovery and the court can stick to Torres’ original timeline, the SEC is due to file its remedies brief by March 13, 2024. Ripple then has a month to file its opposition, if any.

Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the On the Margin newsletter.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.


Upcoming Events

Salt Lake City, UT

MON - TUES, OCT. 7 - 8, 2024

Blockworks and Bankless in collaboration with buidlbox are excited to announce the second installment of the Permissionless Hackathon – taking place October 7-8 in Salt Lake City, Utah. We’ve partnered with buidlbox to bring together the brightest minds in crypto for […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Permissionless is a conference for founders, application developers, and users. Come meet the next generation of people building and using crypto.

recent research

Research Report Templates (1).png


Solana Mobile is a highly ambitious foray into the mobile consumer hardware market, seeking to open up a crypto-native distribution channel for mobile-first applications. The market for Solana Mobile devices has demonstrated a phenomenon whereby external market actors (e.g. Solana-native projects) continuously underwrite subsidies to Mobile consumers. The value of these subsidies, coming in the form of airdrops, trial programs, and exclusive NFT mints, have consistently covered the cost of the phone and generated positive returns for consumers. Given this trend in subsidies, the unit economics in the market for Mobile devices, and the initial growth rate and trajectory of sales, it should be expected that Solana mobile can clear 1M to 10M units over the coming years. As more devices circulate amongst users, Solana Mobile presents a promising venue for the emergence of killer-applications uniquely enabled by this mobile-first, crypto-native distribution channel.


Crypto’s Wild West era is over — it’s time to embrace regulation to secure the future of digital assets


Plus, Solana has now surpassed Ethereum in trailing 30-day decentralized exchange volume


Polymarket betters say Kamala Harris has better odds than Biden of winning against Trump


Bitcoin’s down Tuesday, while ETH-correlated assets like ENS and ARB see growth


Plus, let’s check on the nine ether ETFs now trading on US exchanges