As a researcher with a background in finance and law, I’ve been closely following the Ripple vs. SEC lawsuit since it began in December 2020. The ongoing legal spat between Ripple and the US Securities and Exchange Commission (SEC) has been a rollercoaster ride for investors and observers alike.
TL;DR
- The Ripple vs. SEC lawsuit, ongoing since December 2020, focuses on alleged unregistered securities offerings via XRP sales, with disputes over penalties now proposed at $102.6 million.
Predictions suggest a resolution by July 31 with a potential $25 million penalty, but the case’s complexity and appeals may prolong it, affecting XRP’s price.
What’s New?
As a researcher following the ongoing legal dispute between Ripple and the US Securities and Exchange Commission (SEC), I’ve been observing this situation since it began in December 2020. The crux of the matter revolves around allegations that Ripple and certain of its executives engaged in unregistered securities offerings by selling XRP tokens. Despite reaching the trial stage in April of this year, a definitive resolution has yet to be reached.
As a researcher looking into the ongoing Ripple lawsuit, one point of contention that appears to be delaying a resolution is the proposed penalty for Ripple. Initially, the SEC demanded a hefty fine of $2 billion from the company. In contrast, Ripple argued for a penalty no greater than $10 million. More recently, the regulatory body has adjusted its stance, suggesting a penalty amount of $102.6 million instead.
In late June, Judge Amy Jackson threw out the SEC’s argument that transactions involving Binance‘s BNB token on the secondary market qualified as securities deals. Ripple seized upon this ruling as it prepared its defense against similar accusations. The company submitted a Notice of Supplemental Authority, contending that this judgment bolstered its position and suggested more lenient penalties for the alleged XRP sales than those proposed by the SEC.
The Commission promptly submitted a counterargument on July 3rd in response to the case. According to their stance, the allegations against Binance hold no bearing on the ongoing case against Ripple.
In the nearly 90-page Binance ruling, Ripple identifies one particular observation made by the court and seeks to derive a broader implication regarding the SEC’s litigation tactics. The court’s comments on the SEC’s motion to dismiss do not address Ripple’s actions or the suitable penalties for the infringements this court has determined.
Is It Time for an Outcome?
The intricacy of the legal proceedings and potential appeals from both parties could extend the lawsuit with no end in sight. Yet, there are some hopeful perspectives suggesting a resolution may materialize as soon as this month.
One instance involves American lawyer Fred Rispoli proposing July 31 as a potential date, and suggesting that the resulting penalty for the corporation would be at most $25 million, while there would be no requirement for the company to return any previously gained profits.
The judge has decided that all sales identified as illegal by the court are permanently banned. Additionally, she determined that certain contracts mentioned by Ripple, which the SEC argues violate her ruling, were not presented properly in this case. Consequently, if the SEC believes these contracts infringe upon her decision, they will need to file another lawsuit.
As a crypto investor, I’m keeping a close eye on the ongoing court battle involving Ripple and the Securities and Exchange Commission (SEC). The anticipated resolution of this lengthy legal dispute is expected to significantly impact XRP‘s price. Remember that the asset’s value surged following each of Ripple’s partial victories last year. For those interested in learning more about the case and its potential consequences for the token, I encourage you to watch our detailed video on the subject below.
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2024-07-08 11:22