XRP Update: Ripple is set to submit its argument against the SEC’s proposed remedies in the ongoing legal battle. The SEC has requested a final judgment and a penalty of $2 billion from Ripple Labs. This response by Ripple’s defense team could significantly impact the outcome of the lawsuit and the price of XRP. Legal professionals have now revealed the upcoming steps in this lengthy court case.
Pro-XRP Lawyers Unveil What’s Next in Ripple Vs SEC Lawsuit
Today, April 22, Ripple is expected to submit its opposition brief, accompanied by declarations and exhibits, in the ongoing legal battle against the SEC (Securities and Exchange Commission) in the Ripple vs SEC lawsuit. The importance of this submission cannot be overstated as it plays a crucial role in determining the outcome of the case, which could significantly impact the price trend of XRP throughout the year.
Regarding queries about a potential settlement in the ongoing XRP lawsuit between the parties, Bill Morgan, who represents the pro-XRP side, remains optimistic that no agreement will be reached based on the SEC’s terms. In his view, a company that has largely prevailed in court proceedings should not have to pay $2 billion to the SEC as part of a settlement. However, some argue that a settlement could put an end to further legal actions.
SEC enforcement specialist Marc Fagel expressed that the $2 billion in penalties isn’t a sign of a settlement. Instead, a judge must pass an order determining appropriate remedies, if any are necessary. Fagel anticipates that the SEC will possibly file an appeal regarding the parts of summary judgment they didn’t win against Ripple.
In response, Bill Morgan stated, “Regarding programmatic sales, a significant part of which was at issue, he failed to meet the required proof for ‘other distributions’. I don’t believe this decision can be appealed. Nonetheless, Ripple will pay some fines as the court viewed XRP institutional sales as unregistered securities offerings.”
Later this year, when Judge Analisa Torres renders her final decision in the case brought before her by the SEC (Securities and Exchange Commission) against Marc Fagel, the SEC has the option to file an appeal with the Court of Appeals.
The U.S. Securities and Exchange Commission (SEC) is pursuing a court order for Ripple to pay back $876,308,712 in disgorgement, an additional $198,150,940 as prejudgment interest, and a civil penalty of $876,308,712.
Influence of Coinbase’s Interlocutory Appeal in Ripple Vs SEC
The decision in Coinbase’s interlocutory appeal could have a major impact on the ongoing Ripple vs. SEC case and the regulatory framework for cryptocurrencies in the US. Additionally, a favorable outcome for Coinbase may provide more clarity regarding secondary market sales. On the other hand, an unfavorable decision could lead the SEC to challenge Judge Torres’ ruling on programmatic XRP sales.
In an exclusive to CoinGape Media, Coinbase CLO Paul Grewal said:
“The SEC is asking the court to interpret ‘investment contract’ in a way that is inconsistent with every single Second Circuit and Supreme Court case on the issue. That is why, even though it’s rarely granted, we are seeking an interlocutory appeal. We can’t leave any stone unturned because we are standing up for the entire industry and the 52 million Americans that own crypto. But even if we don’t have an early appeal, we remain confident in the path forward in the district court.”
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2024-04-22 10:43