As a seasoned analyst with over two decades of experience in the financial industry, I have seen my fair share of legal battles and their aftermaths. The recent ruling in the Ripple SEC case has indeed stirred quite a debate, and as the dust settles, it becomes increasingly apparent that we are not at the end of the road yet.
As an analyst, I’ve been closely following the Ripple SEC case. While Judge Torres has ordered Ripple to pay a $125 million penalty, there’s ongoing discussion about whether the U.S. Securities and Exchange Commission (SEC) plans to appeal this decision. Some speculate that the SEC might choose not to appeal, but legal experts seem to lean towards the possibility of an appeal, particularly concerning the summary judgment ruling.
Judge Torres Ends Long-Running Ripple SEC Case
In its final ruling, the Southern District Court of New York found Ripple Labs responsible for paying $125 million instead of the $2 billion sought by the U.S. Securities and Exchange Commission (SEC). While the SEC’s request for an injunction was granted, the federal judge has imposed a permanent ban on Ripple from selling XRP to institutional investors and ODL sales unless they are registered.
Brad Garlinghouse, CEO of Ripple Labs, along with CLO Stuart Alderoty, celebrated a significant triumph, one that benefited their company, the crypto sector, and the legal system. They expressed contentment with the verdict and communicated their intent not to challenge Judge Torres’ decision in any further appeals.
“Garlinghouse stated, ‘The Court significantly lowered the SEC’s initial request of $2B, acknowledging that they may have exaggerated their position. We appreciate the Court’s ruling and now have a clear path to advance our company further.'”
Lawyers Say Appeals Filing By SEC and Ripple Are Coming
Although some sources claim that the Securities and Exchange Commission won’t challenge the remedies verdict, it’s important to note that neither Garlinghouse nor Stuart Alderoty made such a statement during their latest interviews. In response to this, pro-XRP lawyer Bill Morgan stated, “Stuart did not say anything suggesting he thinks the SEC will or won’t appeal.”
Previously employed attorney at the Securities and Exchange Commission (SEC), Marc Fagel, clarified that the agency has a timeframe of 60 days to file an appeal in the Ripple case. Alternatively, this action can occur after Ripple settles the civil penalties with the regulatory body within the next 30 days. In case the SEC decides to appeal, it is expected that the money will be kept on hold until a resolution on the appeal is reached.
Lawyer Fred Rispoli stated that Ripple Labs would only file a cross-appeal if the Securities and Exchange Commission (SEC) does so first. Notably, the commission has not employed “appeal” language or shown strong opposition to the decision thus far. Moreover, the company maintains its stance that its recent XRP sales no longer fit into the securities classification.
XRP ODL Sales To Continue Despite Injunction
Lawyer Jeremy Hogan asserted that Ripple’s ongoing sales of XRP and On-Demand Liquidity (ODL) will persist, despite the court order against the company. Firstly, most of Ripple’s XRP and ODL transactions occur beyond U.S. jurisdiction, making them exempt from the court ruling. Secondly, institutional sales of XRP are permissible under one of the five exceptions to registration requirements.
In addition, the cryptocurrency firm has adapted its approach to selling XRP in response to the summary judgment ruling in the Ripple vs. SEC case. Judge Torres’ decision on ODL language was not as anticipated by the SEC, necessitating the presentation of evidence regarding any violations. Hogan also mentioned that the company could strengthen its argument that there is no expectation of profits when XRP is merely held for a brief period.
As a seasoned cryptocurrency investor with years of experience in the market, I have seen my fair share of price fluctuations and trends. This week, I’ve noticed that XRP has experienced a significant surge in its price, jumping over 30%. At the moment, it is trading at $0.60, with a 24-hour low and high of $0.57 and $0.60 respectively. However, my gut feeling tells me to exercise caution due to the recent decrease in trading volume by 56% in the last 24 hours.
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2024-08-10 21:10