In the continuing dispute between Ripple Labs and the US Securities and Exchange Commission (SEC), Ripple is preparing to submit an essential response to the SEC’s proposals within the next 24 hours, on April 22. This action signifies a pivotal point in the lengthy legal case that has garnered significant interest within the cryptocurrency community.
In the most recent update on this case, the SEC has detailed their suggested solutions during a remedies submission.
The suggested actions call for Ripple to return profits gained from XRP transactions and face civil penalties. Ripple now has the chance to react to these proposed actions and make its case before the court.
The Securities and Exchange Commission (SEC) seeks approximately $2 billion in penalties from Ripple, claiming they broke securities laws by selling XRP without registration in institutional transactions.
Ripple is getting ready to submit its response as the SEC’s suggested solutions face much debate. Market analysts expect a strong opposition from Ripple against the SEC’s proposed penalties.
Additionally, Ripple can use recent court wins and regulatory advancements to strengthen its argument.
According to reports, Stuart Alderoty, Ripple’s Chief Legal Officer, highlighted the importance of the recent ruling in the SEC vs. Govil case. This decision means that if a purchaser does not experience any financial harm, the SEC cannot seek disgorgement from the seller.
Ripple may contest the SEC’s proposed fines by pointing out that there was no monetary harm done to investors, which could weaken the SEC’s case for requiring compensation.
On April 22, Ripple intends to submit a publicly accessible, redacted version of their opposition brief, accompanied by any necessary declarations and documents, providing they don’t contain or reference confidential materials as identified by the SEC.
If the opposition brief submitted by the SEC contains confidential material marked as such, then both the brief and the confidential materials may be filed under seal on April 22. On April 24, Ripple will publicly file a version of its opposition brief with redactions. These redacted portions are provisional and subject to change.
On May 6, the SEC is expected to file its reply brief under seal.
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2024-04-21 17:15