Looming Faceoff: Ripple vs SEC Gears Up as Crucial Filing In View

banner-image

It has been quite a face-off between Ripple Labs and the U.S. Securities and Exchange Commission (SEC), as the legal tussle continues. 

The recent update in the case focuses on the SEC’s remedies briefing, where the regulatory agency laid out its proposed actions. These proposed remedies aim to recover profits from XRP sales to institutional investors and impose civil penalties. 

Ripple Labs Expected Response To SEC

After the SEC’s briefing, Ripple has the opportunity to submit its vital response to these proposed remedies within the next 24 hours, specifically on April 22. It is a big moment in the lawsuit that has grabbed the attention of the crypto community. 

Recall that Judge Torres ruled in favor of Ripple when she said XRP is not securities and this is indeed significant as it was established by Stuart Alderoty, Ripple CLO in the SEC vs Govil case that SEC must demonstrate actual monetary losses to investors before seeking substantial sanctions. This is relevant because the SEC is pursuing nearly $2 billion in sanctions from Ripple for alleged violations of federal securities laws related to the sale of XRP. 

As the digital payment protocol gets ready to submit its reply, there’s a lot of speculation about what their response will entail. Market watchers are expecting the digital payment company to strongly challenge the SEC’s proposed remedies. 

Possible Outcomes from Ripple Filing 

Some key arguments in Ripple’s filing might be challenging the SEC’s claim that XRP is a security, emphasizing the lack of fair notice given to market participants, and highlighting the absence of financial harm to XRP buyers. These arguments aim to contest the SEC’s allegations and defend Ripple’s position. 

The outcome of the Ripple lawsuit will certainly be influenced by this precedent. One possibility is that Ripple successfully defends itself and the lawsuit is dismissed. Another outcome could be that Ripple reaches a settlement with the SEC, which could involve fines or other penalties. 

It is also possible that the court ruling could have broader implications for the cryptocurrency industry as a whole. 

Filing update and Expected brief reply 

It will be a step-by-step process as Ripple plans to submit a publicly redacted version of their opposition brief on April 22nd. If the materials don’t include anything confidential according to the SEC, they will be made public. 

However, if there are confidential materials, they might be filed under seal. In that case, on April 24th, Ripple will submit a provisional redacted version of the opposition brief. Then, on May 6th, the SEC is expected to file their reply brief under seal.

Nevertheless, It would be such a relief and a massive win for Ripple if its CLO’s projection holds and the SEC’s lawsuit comes to an end in 2024. 

Algotech (ALGT) Flies High On Presale As Dogecoin And Avalanche Push..

Crypto Expert Reveals the Best Altcoins for 2024: What You Need..

Arbitrum Remains Down as Confidence in Monero and Raboo Soars to..

ads-image ads-image