As an experienced securities industry analyst, I believe that the recent exchange between Ripple and the US Securities and Exchange Commission (SEC) highlights the ongoing regulatory uncertainty in the cryptocurrency space. Ripple’s attempt to use the Binance ruling as precedent in its defense against the SEC was met with a swift rebuke from the agency, which argues that the case is irrelevant to the current dispute.
In response to Ripple‘s notice of additional evidence, the US Securities and Exchange Commission has countered with a rebuttal.
According to U.Today’s report, Ripple used Binance‘s recent ruling as evidence in its notice to criticize the SEC’s “enforcement-driven” regulation style for being inefficient. Ripple emphasized the need for regulatory clarity in supporting its opposition to the Securities and Exchange Commission.
The SEC has expressed strong objections to the inclusion of the Binance case in the ongoing dispute over remedies. According to the SEC’s Jorge Tenreiro, this case holds no relevance whatsoever to the current legal motion being considered.
The Securities and Exchange Commission (SEC) points out that Ripple failed to include a crucial detail in their interpretation of the Binance ruling, which dismissed the idea that the fair notice doctrine could shield them from liability.
The decision made clear that the regulatory body was implementing a long-standing federal security regulation. Furthermore, it was pointed out that the cryptocurrency sector had received prior warnings from the agency with the 2017 DAO report, which preceded most of Ripple’s XRP transactions.
John Reed Stark, a former SEC official, expressed disappointment over the Binance ruling, describing it as a significant setback or a major defeat for the exchange.
The Securities and Exchange Commission (SEC) reminds us that Ripple was given legal warnings by their lawyers regarding potential legal issues arising from those sales. This implies that Ripple became aware of these concerns.
According to U.Today’s report, Ripple contested the Securities and Exchange Commission’s (SEC) suggested penalties in April, maintaining that any fine imposed should not exceed $10 million. Previously, the SEC had proposed a penalty of approximately $2 billion for Ripple.
Read More
- BTC PREDICTION. BTC cryptocurrency
- LUNC PREDICTION. LUNC cryptocurrency
- BCH PREDICTION. BCH cryptocurrency
- MNT PREDICTION. MNT cryptocurrency
- Best Goomba Characters In Mario Games, Ranked
- USD RUB PREDICTION
- SOL PREDICTION. SOL cryptocurrency
- ETHW PREDICTION. ETHW cryptocurrency
- Destiny 2 Player Transforms Their Warlock Into Team Fortress 2’s Medic
- METIS PREDICTION. METIS cryptocurrency
2024-07-03 22:46