Lawyer Bill Morgan recently stressed the challenges the U.S. Securities and Exchange Commission (SEC) presents to a settlement between Ripple. Amid the ongoing legal battle between Ripple and the SEC, the regulatory agency is planning several appeals to prevent Ripple’s victory. In a post on XRPLGgas, Morgan identified the SEC’s efforts to halt Ripple’s On-Demand Liquidity (ODL) sales and their intention to challenge programmatic sales as major obstacles.
Bill Morgan, a lawyer supporting Rippler (XRP), highlighted the formidable challenges the U.S. Securities and Exchange Commission (SEC) presents in reaching a settlement. Throughout the ongoing Ripple vs SEC legal dispute, the regulatory body is anticipated to file numerous appeals to hinder the defendant’s success.
Ripple Vs SEC Settlement To Delay
The SEC’s efforts to obtain an injunction halting Ripple’s On-Demand Liquidity (ODL) sales and their intention to challenge programmatic sales represent significant hurdles in any potential resolution of the ongoing issue.
The SEC’s latest actions imply that the contentious legal battle between them and Ripple will persist. Morgan’s comments provide insight into the intricacies of the ongoing litigation and the hurdles for both sides in achieving a settlement. Furthermore, it is anticipated that the price of XRP may be negatively affected due to the SEC’s efforts to prevent Ripple from being successful in court.
The significant sales of On-Demand Liquidity (ODL) by Ripple and its affiliates contribute notably to their operations. Nevertheless, there are concerns that these transactions could be disrupted if Ripple faces legal issues with the SEC. However, optimistic XRP backers anticipate a price surge for the crypto if the ongoing lawsuit between Ripple and the SEC concludes in a settlement. Morgan Stanley’s analyst, Mike Cavasinni, shares this viewpoint and projects that XRP could reach $1 following a resolution to the dispute, which is now worth approximately $0.50.
April 29 Deadline Inches Closer
The Securities and Exchange Commission (SEC) is anticipated to respond to Ripple’s objection against the excessive penalty imposed by the agency. Last week, Magistrate Judge Sarah Netburn released a revised timeline. This order addressed Ripple’s request to dismiss the SEC’s recent expert submissions that aim to strengthen their arguments for remedies and a final judgment in the case.
Judge Netburn granted an extension for the SEC until April 29, 2024, to submit their rebuttal to Ripple’s motion. Subsequently, Ripple will have a three-day window to respond. Amid her recent nomination as District Judge in the Southern District of New York, Judge Netburn continues to preside over the Ripple vs. SEC case. Moreover, her consistent and fair rulings have garnered favor from the crypto community.
In response to the Securities and Exchange Commission’s (SEC) proposed hefty civil penalties in their ongoing legal dispute, Ripple, the blockchain payments company, is countering with a suggested penalty of no more than $10 million. Ripple maintains that the SEC’s allegations against them are unwarranted and lack sufficient evidence to support their claims.
As a crypto investor following the Ripple versus SEC case closely, I’ve observed that Ripple has defended its institutional XRP sales by emphasizing the lack of proven evidence for future rule violations or reckless behavior. Consequently, the SEC’s response and Ripple’s counterargument have become significant factors in determining whether this legal battle will lead to a settlement soon.
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2024-04-29 10:29