Timeline of the Legal Struggle Between Ripple and the U.S. Securities and Exchange Commission: From the SEC’s Lawsuit in December 2020 to Ripple’s Victory in July 2023
1. SEC’s Lawsuit Against Ripple Labs
December 21, 2020
The U.S. Securities and Exchange Commission accused Ripple Labs executives of issuing unregistered securities.
2. Ripple Delisted from Coinbase
December 28, 2020
Coinbase, one of the largest cryptocurrency exchanges, removed the XRP token from its platform.
3. Request for Information Disclosure by Ripple
January 29, 2021
Ripple requested the court to compel the SEC to disclose information based on which it did not classify Bitcoin and Ethereum as securities.
4. Defense Letter from Ripple Executives
March 3, 2021
Larsen and Garlinghouse, Ripple’s executives, argued in a letter to the court that the SEC had acted incorrectly in classifying XRP as a security.
5. SEC’s Request for Ripple’s Financial Information Disclosure
March 8, 2021
The SEC requested that the court issue a ruling for the disclosure and examination of documents and financial information of Ripple’s senior executives over the past decade.
6. Ripple Executives’ Letter Opposing Financial Information Disclosure
March 12, 2021
Ripple executives wrote to Judge Sarah Netburn, asking her not to agree to the SEC’s request for the disclosure of financial information because of privacy violations.
7. Judge’s Ruling on Ripple’s Currency Use
March 22, 2021
Judge Sarah Netburn ruled that XRP has value and utility as a currency, distinguishing it from cryptocurrencies like Bitcoin and Ethereum.
8. Court Ruling on Disclosure of XRP Trading Information
April 9, 2021
The Southern District Court of New York stated that the SEC could only access information related to the buying and selling of XRP.
9. Extension of SEC’s Information Disclosure Deadline
June 14, 2021
The court extended the SEC’s deadline for disclosing the agency’s policies on cryptocurrencies until August 30.
10. SEC’s Request for Messages Between Ripple and Slack
August 10, 2021
The SEC requested full access to messages between Ripple and Slack, claiming that Ripple’s submissions were incomplete.
11. Judge’s Ruling on Disclosure of SEC Internal Policies
September 3, 2021
The judge ruled in favor of the disclosure of the SEC’s internal policies, requiring the commission to publish its policies regarding employees and their transactions.
12. Deadline for Expert Opinions
October 15, 2021
A deadline was set to gather expert opinions on cryptocurrencies and securities, aiming to provide insights from various specialists regarding the case.
13. Ripple’s Decision to Leave the U.S. if Defeated in Court
June 2022
In an interview, Ripple’s CEO stated that if the company lost in court, the Ripple project and Ripple Labs would leave the United States.
14. Arguments Presented by SEC and Ripple for Judgment
September 17, 2022
Ripple Labs and the SEC submitted their initial requests for judgment, outlining each party’s arguments and positions regarding the case.
15. Court’s Approval of Blockchain Advocacy Group’s Opinion
September 21, 2022
The court reviewed and approved the request of the “Digital Chamber of Commerce,” an American group advocating for blockchain technology.
16. Public Release of SEC and Ripple Labs Responses
November 30, 2022
After the November 30 deadline, Ripple Labs and the SEC’s responses, which included their defenses regarding the legal case, were publicly released.
17. Ripple’s Final Defense
December 2, 2022
Ripple submitted its final defense, requesting the court to declare that the SEC had not provided sufficient evidence to show that XRP falls under the category of securities.
18. SEC’s Request to Prevent Release of Hinman’s Documents
December 22, 2022
The U.S. Securities and Exchange Commission requested that the release of “Hinman” documents be prevented. In his emails, William Hinman, former SEC Director of Corporate Finance, stated that Bitcoin and Ethereum were not securities.
19. Hinman Documents Made Public
June 12, 2023
Despite the SEC’s insistence on ignoring the Hinman documents, they were eventually unsealed and made publicly available.
20. Ripple’s Victory in Court
July 13, 2023
Judge Analisa Torres announced that the sale and offer of the XRP token on public exchanges did not constitute any law violations or classify this cryptocurrency as a security, effectively exonerating Ripple Labs from its most significant charge.
