As a long-term crypto investor with experience in following the XRP market closely, I find myself deeply concerned about the ongoing Ripple vs. SEC lawsuit. The latest developments, including the SEC’s response to Ripple’s filings and the potential appeal of the summary judgment, add another layer of uncertainty to an already complicated legal situation.
Latest Updates on Ripple vs SEC Case: In the ongoing dispute between Ripple Labs and the Securities and Exchange Commission (SEC), new information has surfaced. As reported on X, previously referred to as Twitter, by James K. Filan, the SEC has answered Ripple’s recent filings concerning the Terraform Labs Consent Judgment.
Ripple Vs. SEC: Uncertainty Over ODL Sales Continues
As a crypto investor, I’ve been following the developments between Ripple and the SEC closely. The latest revelation from XRP lawyer Bill Morgan indicates that the SEC has accused Ripple of engaging in practices remarkably close to past infringements. This ongoing dispute adds complexity to the legal terrain for Ripple’s On-Demand Liquidity (ODL) service, making it an uncertain landscape for its future operation.
The SEC argues that Ripple’s ongoing ODL sales are akin to practices the SEC had previously ruled as violations. However, the court does not possess complete documentation to ascertain if these sales indeed breach existing regulations. This ambiguity introduces an added complexity to the contentious XRP-SEC lawsuit. The legal debate is further muddied by the potential for the SEC to challenge the summary judgment rendered in July.
As a legal analyst, I anticipate that the long-awaited decision in the SEC versus Ripple Labs case could be released as early as July. However, it’s important to note that the SEC still holds the option to challenge Judge Torres’ ruling, which classifies XRP programmatic sales as non-security contracts. This looming possibility keeps both parties on their toes and opens up room for additional legal maneuvers.
XRP Price Dips Amid Legal Uncertainty
Expert here: Fred Rispoli, a lawyer representing Pro-XRP, anticipates a judgment from Judge Torres on remedies by late July or early August. He ponders that an eloquent decision could be handed down as early as July 13th. The SEC seeks $2 billion in fines and penalties, while Ripple proposes a penalty not exceeding $10 million. Despite the possibility of a settlement, Rispoli states the likelihood is currently nil. However, unresolved issues between the SEC and Ripple may prompt judges to address these points in their ruling.
In light of recent advancements, members of the XRP community believe that the ongoing lawsuit might be decided in the appellate court. The part played by Judge Netburn in this scenario remains ambiguous. According to Rispoli’s statement, Netburn and Torres could collaborate and decide that the matter before Netburn doesn’t necessitate a ruling. Alternatively, Judge Torres could rule on remedies and injunctions without addressing the expert witness issue. However, this is more likely to happen if the judgment favors Ripple.
The legal uncertainty surrounding XRP‘s status continues to affect its market behavior. At present, XRP is displaying a downtrend with a 0.43% price drop, currently valued at $0.4759. Over the last 24 hours, XRP reached a peak of $0.4808 and hit a low of $0.4647.
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2024-06-15 04:36