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Crypto Litigation Continues with Uncertainty Despite Initial Ruling

August 22, 2023

Securities Enforcement & Litigation partner Christian Schultz was quoted in the recent Bloomberg article, “Ripple Crypto Case Is Nowhere Near Done,” which discusses the ongoing case between crypto firm Ripple Labs and the Securities and Exchange Commission (SEC). A judge initially ruled in July that while sales of Ripple's XRP token to institutional investors breached securities laws, open market sales did not.

However, the judge’s ruling, thought to set a precedent, was then conflicted by an order in another crypto case. Schultz, former Assistant Chief Litigation Counsel in the SEC's Division of Enforcement, told Bloomberg that there’s “no greater clarity or certainty,” adding that the initial ruling was never precedential.

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