In three days, Ripple Labs Inc. and the Securities and Exchange Commission of the United States of America (SEC) should present new justifications to support their positions.
Before December 8, 2021, new legal briefs should have been completed.
According to a scanned copy of a document given by Attorney Filan, U.S. Magistrate Judge Sarah Netburn has issued an order requiring Ripple Labs Inc. and the United States of America Securities and Exchange Commission to file letter briefs “simultaneously.”
Briefs must be submitted by Wednesday, December 8, 2021. The parties’ arguments in response to Ripple’s most recent motion to compel should be supplemented by new filings.
This year-long legal struggle raised several important questions about crypto regulation in the United States, including the validity of crypto tokens and securities.
Ripple is a real-time gross settlement system, currency exchange, and remittance network developed by Ripple Labs Inc., a technology company that is based in the United States of America. Ripple is a distributed open-source protocol that supports tokens representing fiat currency, digital currency, commodities, or other units of value such as frequent flier miles or mobile minutes. It was launched in 2012 and is based on a distributed open-source protocol.
Ripple claims to be able to facilitate “secure, instantaneous, and almost free worldwide financial transactions of any size with no chargebacks.” The native digital currency XRP is used in the ledger.
The US Securities and Exchange Commission (SEC) sued Ripple Labs and two of its executives in December 2020 for selling XRP tokens, which the SEC classed as unregistered securities.
Ripple was founded by Jed McCaleb and created by Arthur Britto and David Schwartz, who approached Ryan Fugger, who had launched a financial business in 2005 to give safe payment choices to members of an online community via a global network. Fugger had created the OpenCoin system, which would eventually become Ripple.
The company has developed its own digital currency, dubbed XRP, to allow financial institutions to send money with minimal fees and delays. Banks expressed interest in implementing the company’s payment mechanism in 2013.