As a researcher following the developments in the Ripple vs. SEC lawsuit, I find myself eagerly anticipating the SEC’s reply brief, which is due today, May 6, 2024. The importance of this filing lies in its potential impact on the remedies phase of the litigation.
In the ongoing legal dispute between Ripple and the U.S. Securities and Exchange Commission (SEC), crypto enthusiasts are eagerly anticipating the SEC’s response brief, scheduled for release on May 6, 2024. This submission is believed to carry significant weight in the case’s remedial stage.
On April 22, I filed my opposition brief with the SEC against their proposed $2 billion penalty in the ongoing Ripple litigation.
In the court filing, Ripple argued that the requests from the SEC for an injunction, disgorgement, pre-judgment interest, and a civil penalty exceeding $10 million should be rejected.
The Securational and Exchange Commission (SEC) requested the court to impose an order requiring Ripple to repay $876 million in disgorgement, pay an additional $198 million as prejudgment interest, and pay a civil penalty of $876 million, amounting to a grand total of $1.95 billion.
Experts closely monitor the SEC’s strategy as it drafts its rebuttal in the ongoing case, with a strong emphasis expected on fortifying its arguments for the requested relief.
In Bill Morgan’s perspective as a legal professional and XRP advocate, the magnitude of Ripple’s payment obligation takes a back seat to the SEC’s requested injunction being the more significant aspect of the case.
As a researcher, I’m eagerly anticipating the SEC’s response in their Reply Brief regarding Ripple’s contention that the permanent injunction should not be granted or, if granted, should be limited in scope. Does the SEC truly intend to permanently halt Ripple’s sales to ODL customers? I’m intrigued to find out more about their stance on this issue and what arguments they will present.
— bill morgan (@Belisarius2020) May 6, 2024
“I’m eagerly anticipating the SEC’s response in its Reply Brief regarding Ripple’s contention that a permanent injunction shouldn’t be granted or, if granted, should be limited. Is the SEC genuinely aiming to halt Ripple’s sales to ODL clients indefinitely?”
In Morgan’s opinion, the ruling on the injunction carries greater significance than the amount Ripple is required to pay.
As a researcher following the cryptocurrency sector, I’m keeping a keen eye on the progress of the remedies phase in the ongoing Ripple lawsuit. The final decision in this case could significantly impact Ripple and, consequently, shape the broader sentiment within the crypto market. A negative ruling against Ripple might bring about uncertainty and potential losses for investors. On the other hand, a favorable outcome for Ripple would likely boost market confidence and positively influence the crypto market’s dynamics.
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2024-05-06 17:39