As a researcher with a background in law and finance, I have closely followed the ongoing legal battle between Ripple Labs and the Securities and Exchange Commission (SEC). The recent scheduling order issued by Magistrate Judge Sarah Netburn is an important development in this complex case.
In the ongoing dispute between Ripple Labs and the Securities and Exchange Commission (SEC), Magistrate Judge Sarah Netburn has released a scheduling order. This order concerns Ripple’s petition to dismiss the SEC’s recent expert reports, which have been presented to bolster the SEC’s arguments for penalties and a final judgment. The judge granted an extension for the SEC until April 29, 2024, allowing them to submit their rebuttal to Ripple’s motion. Subsequently, Ripple will have three business days to respond.
After being appointed as District Judge in the Southern District of New York, Netburn’s schedule has been updated. Notably, she remains in charge of the Ripple versus SEC case, which has gained attention from the crypto community due to her impartial judgments that are viewed as fair and favorable.
XRP’s Stance on SEC’s Claims and Penalties
I’ve observed that Ripple, the blockchain payments company, has challenged the Securities and Exchange Commission (SEC)’s proposed civil penalties in the ongoing litigation. Instead of agreeing to the SEC’s suggested large penalty, Ripple has proposed a settlement of $10 million as an alternative. The firm maintains that the SEC’s allegations are excessive and lack sufficient evidence to support them.
Ripple has countered the SEC’s allegations regarding institutional XRP sales by providing evidence refuting any proven past misconduct or future violations. They have brought up the Govil case as a precedent, challenging the SEC’s request for disgorgement. XRP maintains that the SEC cannot prove monetary damages and seeks to deduct legitimate business costs.
Ripple Argument on ODL and Investment Contracts
As a researcher representing Ripple, I’d like to clarify Bill Morgan’s perspective on Ripple On-Demand Liquidity (ODL) sales and their classification as investment contracts. For the past three years, Morgan has emphasized that ODL transactions operate distinctly from traditional investments. When a customer uses XRP for cross-border payments through ODL, they only hold the cryptocurrency for a very brief period, typically just seconds. This is done to facilitate the transfer of funds, not as an investment strategy.
As a researcher examining the ongoing legal dispute between Ripple and the Securities and Exchange Commission (SEC) over the classification of XRP, I cannot overlook Morgan’s crucial point: Ripple emphasizes that the Open Market Desk (ODL) is not designed for investment purposes. This perspective forms a significant part of Ripple’s defense against SEC’s charges.
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2024-04-26 01:31