Ripple vs SEC Lawsuit Update As of July 4, 2024
In a recent development in the ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC), Ripple filed a supplemental legal brief referencing a crucial decision in the SEC’s separate case against cryptocurrency exchange Binance.
The central focus of Ripple’s brief is the recent court decision in the SEC v. Binance case. In that case, the judge partially dismissed the SEC’s charges, acknowledging the complexities of applying traditional securities laws to digital assets. The judge noted the challenges in classifying secondary market sales of certain digital assets as investment contracts.
Read Also: Ripple Gives Update On What Is Next in XRP Lawsuit
Ripple argues that this observation by the Binance judge aligns with the reasoning used in the ongoing SEC v. Ripple case. By extension, Ripple contends that the lack of clear regulatory guidance regarding digital assets weakens the SEC’s argument for harsh penalties in its case.
Ripple Disputes SEC’s Requested Remedies
This latest filing by Ripple serves as further support for the company’s opposition to the SEC’s proposed remedies. The SEC has requested a significant financial penalty of nearly $1.95 billion from Ripple and a permanent injunction barring the company from further XRP sales to institutional investors.
In contrast, Ripple proposes a maximum penalty of $10 million and argues that the SEC’s requested injunction is unnecessary. This is not Ripple’s first attempt to influence the potential penalty through a supplemental authority letter. Last month, the company referenced the SEC’s settlement with Terraform Labs as justification for a lenient penalty, highlighting the inconsistency in the SEC’s approach to penalties within the cryptocurrency industry.
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Read Also: Ex-SEC Official States Key Factor That Could Ignite SEC’s Interest in XRP Lawsuit Settlement
Ripple and SEC Await Final Decision
With Ripple’s latest filing submitted, the SEC has the opportunity to respond in the coming days. Following the completion of these legal submissions, the court will determine the timing of the final judgment. The highly anticipated verdict is expected to be issued sometime this year, potentially bringing an end to the long-standing legal battle.
The highly anticipated verdict could arrive at any point, with many industry observers expecting a resolution within 2024. Ripple CEO Brad Garlinghouse recently weighed in on the potential timeline, predicting that the lawsuit could end by the end of summer. However, he admitted that the final decision lies with the judge.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Times Tabloid is not responsible for any financial losses.
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