In a recent development on Thursday, Attorney Deaton confirmed the unique non-security status of Ripple’s digital asset, XRP, in the United States. This confirmation comes following Judge Torres’ dismissal of the Securities and Exchange Commission’s (SEC) interlocutory appeal in August.
The SEC’s appeal was a part of an ongoing lawsuit involving Ripple executives. The case recognized Ripple’s programmatic institutional sales as investment contracts, a classification that is distinct from retail sales. Ripple disputed this fact, but the court upheld the distinction.
The lawsuit between the SEC and Ripple executives is scheduled for April 23, 2024. Prior to this, on April 16, 2024, there will be a mandatory physical settlement discussion. As of now, the duration of the trial remains undetermined.
The dismissal of the SEC’s appeal and the confirmation of XRP’s unique status in the U.S. market marks a significant step in the litigation process involving Ripple. Further developments in this case are expected to have substantial implications for the digital asset landscape.
