2024 was a crucial year for the legal battle between Ripple and the US Securities and Exchange Commission (SEC).
The First Half of the Year
In the early months of 2024, the legal proceedings between Ripple and SEC moved forward with both parties filing various motions in preparation for the trial.
The SEC requested Ripple to provide financial documents from 2022 and 2023 and post-complaint XRP sales contracts. Ripple opposed the request, stating they were unrelated to the case. Judge Sarah Netburn eventually ordered the company to disclose these financial documents.
The trial phase began on April 23, 2024.
The Court's Decision
In August, Judge Analisa Torres ordered Ripple to pay a $125 million fine for violating federal securities laws.
Many in the industry viewed this ruling as a significant victory for Ripple, considering the initial demand from the SEC was much higher.
Donald Trump Comes to the Stage
Donald Trump's victory in the U.S. presidential elections in November energized cryptocurrency supporters. His promises to dismiss SEC Chairman Gary Gensler led to speculation and interest. Trump also indicated the pro-crypto Paul Atkins would be his choice to fill the role, prompting optimism for a favorable resolution for Ripple and the crypto industry at large.
2024 was a pivotal year for Ripple and the cryptocurrency industry as a whole, resulting in significant legal and political developments.
