Ripple vs. SEC Legal Battle Update ๐ก๏ธ
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.
SECโs Deadline for Response โณ
Upon being appointed to oversee the Ripple vs. SEC case, Judge Netburn allowed the SEC extra time to counter Rippleโs 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 Rippleโs challenge to the SECโs recent expert evidence, which supports the SECโs case.
- Ripple is adamant about the SECโs alleged overstepping of legal boundaries.
The Latest Arguments in Ripple vs. SEC Case ๐
Ripple has contested the SECโs request for $2 billion in civil penalties, proposing a settlement of $10 million instead. The company argues that the SECโs claims lack supporting evidence.
- Ripple has also questioned the SECโs 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 SECโs allegations of investment contracts.
Key Points:
- Ripple asserts that XRP is not designed as an investment.
- They argue against the SECโs claims of reckless behavior or potential future violations.
Implications and Significance ๐
The legal battle between Ripple and the SEC holds immense importance for the cryptocurrency sector at large. Judge Netburnโs recent order and Rippleโs defense strategy underscore the intricate details and high stakes of this ongoing litigation.
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