As an analyst with a background in law and experience working in the cryptocurrency industry, I find the recent developments in the Ripple lawsuit against the SEC particularly intriguing. While the outcome of this case could have significant implications for the entire crypto market, it’s essential to examine each piece of information carefully and consider its relevance to the overall situation.
As a researcher studying the XRP lawsuit, I’ve observed that Ripple is making a strong case for lenient injunctions and penalties in the ongoing legal battle. However, former SEC lawyers have countered this argument, suggesting that the remedies phase favors the Securities and Exchange Commission (SEC). They also clarified the impact of the Chevron ruling in the SEC vs Ripple case and other related lawsuits.
Former SEC Lawyers Says Chevron Deference Has No Impact
As a researcher studying SEC enforcement actions, I’ve come across an interesting perspective from retired securities lawyer Marc Fagel on X. According to Fagel, the Supreme Court’s Chevron deference ruling primarily applies to government agencies’ rulemaking, rather than having direct implications for SEC enforcement cases. Essentially, this means that courts should defer to an agency when there’s ambiguity in a statute, but it doesn’t necessarily affect how SEC handles its enforcement actions.
I noted down that according to Fagel, courts have the authority to decide for themselves whether a defendant has violated the law without giving any consideration to the Securities and Exchange Commission’s (SEC) findings. This explains why Judge Torres handed down a summary judgment ruling with mixed outcomes, as she didn’t feel obliged to align her decision with the SEC’s stance. Consequently, the abolition of Chevron deference holds no bearing on the ongoing XRP lawsuit.
Former SEC attorney James Farrell asserts that, given the judge’s awareness of approximately $770 million worth of XRP sales potentially infringing securities laws, the Securities and Exchange Commission holds a stronger position during the remedies stage. The dispute centers around the percentage of these sales Ripple must repay to the SEC, any additional penalties, and whether Ripple continues to be in non-compliance with the law.
Binance’s Partial Win Relevant In Ripple Lawsuit?
As a crypto investor, I’ve closely followed the recent developments in the legal landscape of digital assets. According to CoinGape’s report, Judge Torres’ ruling on XRP‘s status as a security and her distinction between programmatic sales and secondary sales has been adopted by Judge Jackson in the SEC vs Binance case. In this decision, she dismissed the US Securities and Exchange Commission (SEC) claim regarding Binance’s BNB secondary sales, making it clear that such transactions do not meet the criteria for securities under the Howey Test.
Coinbase and Ripple Labs challenged Binance’s partial legal win by filing a lawsuit, aiming to address the unclear and inconsistent regulations in the cryptocurrency industry.
According to attorney Jeremy Hogan, the recent filing is significant in relation to potential injunctions and fines. He asserts that Binance’s stance on the matter has strengthened Ripple’s argument that classifying crypto as a “security” is complicated, leading him to suggest that any resulting injunction and fine should be lenient.
In the past 24 hours, XRP experienced a 1% decrease in value, now priced at approximately $0.48. The hourly low and high were recorded at $0.478 and $0.487, respectively. Notably, there has been an uptick of 16% in the trading volume over the same period, pointing towards heightened trader interest.
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2024-07-03 20:09