XRP Legal Battle Update: Ripple vs SEC
If you have been following the XRP market, you are aware of the ongoing legal battle between Ripple and the U.S. SEC. The situation has intensified recently as Ripple filed a motion against the SEC, accusing them of procedural violations. This legal dispute has caused uncertainty in the market, but recent developments suggest possible outcomes that could impact Ripple and the broader crypto industry.
Rippleโs Legal Actions Against the SEC
- Ripple filed a motion to strike a declaration by expert witness Andrea Fox, alleging procedural violations by the SEC
- The SEC used the untimely submission of the declaration in its remedies-related brief, prompting Ripple to challenge its authenticity
- In response, Ripple is urging the court to reject the SECโs requests for an injunction, disgorgement, and pre-judgment interest
- Ripple argues that the SEC has failed to provide evidence of fraud or recklessness, proposing a civil penalty of up to $10 million
Insight from Rippleโs Lawyers
Legal experts supporting Ripple, such as Bill Morgan and James Murphy, stress the importance of fair proceedings and compliance with court procedures. They anticipate potential outcomes that could affect the case:
- Bill Morgan suggests that Ripple may avoid disgorgement by invoking the Govil case with Judge Torresโ support
- James Murphy predicts a resolution within 60 to 90 days after the final brief, while Attorney Jeremy Hogan foresees possible appeals extending the case into the next year
On the contrary, Rippleโs General Counsel, Stuart Alderoty, openly opposes the SECโs request for $2 billion in penalties for legacy institutional sales. He highlights the lack of allegations of fraud or recklessness, emphasizing Rippleโs victories on significant issues. Despite the ongoing legal pressure, Alderoty remains confident in a fair outcome for Ripple in the final phase.
Hot Take: Rippleโs Legal Battle and Market Risks
The Ripple vs SEC lawsuit continues to impact the XRP market, raising concerns among investors and traders. The legal uncertainties surrounding Rippleโs case with the SEC pose risks to the market and could influence XRPโs future price movements. Stay informed about the latest developments in the legal battle, as they could have significant implications for Ripple and the broader crypto industry.
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