Ripple vs. SEC Legal Battle Update 🛡️
Magistrate Judge Sarah Netburn has issued a new scheduling order in the ongoing legal dispute between Ripple Labs and the United States Securities and Exchange Commission.
SEC’s Deadline for Response ⏳
Upon being appointed to oversee the Ripple vs. SEC case, Judge Netburn allowed the SEC extra time to counter Ripple’s motion. The deadline for the SEC to submit their response has been extended until April 29, 2024.
- Ripple will then have three business days to reply.
- This extension specifically pertains to Ripple’s challenge to the SEC’s recent expert evidence, which supports the SEC’s case.
- Ripple is adamant about the SEC’s alleged overstepping of legal boundaries.
The Latest Arguments in Ripple vs. SEC Case 🔍
Ripple has contested the SEC’s request for $2 billion in civil penalties, proposing a settlement of $10 million instead. The company argues that the SEC’s claims lack supporting evidence.
- Ripple has also questioned the SEC’s reasoning for disgorgement, asserting that there is no proof of monetary harm caused by Ripple.
- They have referenced the Govil case to strengthen their argument, emphasizing the lack of evidence for future violations.
- Ripple maintains that the primary purpose of its On-Demand Liquidity sales is transactional, not for investment, refuting the SEC’s allegations of investment contracts.
Key Points:
- Ripple asserts that XRP is not designed as an investment.
- They argue against the SEC’s claims of reckless behavior or potential future violations.
Implications and Significance 🌐
The legal battle between Ripple and the SEC holds immense importance for the cryptocurrency sector at large. Judge Netburn’s recent order and Ripple’s defense strategy underscore the intricate details and high stakes of this ongoing litigation.
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