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Cryptocurrency News Articles
Ripple Defiantly Stands Up to SEC in Legal Showdown
May 10, 2024 at 01:49 pm
Amidst its ongoing legal battle with the SEC, Ripple is gaining momentum as its Chief Legal Officer dismisses the SEC's arguments as weak. The Binance lawsuit's potential outcome favors Ripple's position on stablecoins, while legal experts predict a positive development for XRP. Despite the SEC's recent response challenging Ripple's defenses, the company remains steadfast, criticizing the SEC's approach and exploring XRPL solutions in Japan. XRP's resilience in the face of SEC's attack indicates investor confidence, as the cryptocurrency maintains its position among the top 10 largest cryptocurrencies.
Ripple Defies SEC in Ongoing Legal Battle
San Francisco, CA - Amidst ongoing legal proceedings, Ripple, the blockchain company, has mounted a robust defense against the U.S. Securities and Exchange Commission's (SEC) allegations. Ripple's Chief Legal Officer, Stuart Alderoty, has dismissed the SEC's arguments as weak, signaling a potential shift in the lawsuit's trajectory.
The SEC's Contentions and Ripple's Rebuttal
In its lawsuit against Ripple, the SEC alleges that XRP, the company's digital asset, is an unregistered security. The SEC has cited Ripple's alleged sale of XRP as an illegal offering, claiming that investors were not adequately informed of the risks involved.
Ripple has countered the SEC's arguments, arguing that XRP is a utility token used for financial transactions and not a security. Ripple has also pointed to the outcome of the recent Binance lawsuit, where a ruling on the status of Binance USD (BUSD) as a security is expected to favor Ripple's position.
Legal Experts Weigh In
Legal experts have expressed optimism about Ripple's prospects in the lawsuit. James Murphy, a noted securities attorney, believes that Judge Torres could reject the SEC's proposed $2 billion fine against Ripple, which would be a significant victory for XRP. Murphy has also questioned the SEC's assertion that institutional investors suffered financial harm, challenging the validity of their request for disgorgement.
However, the SEC maintains that institutional investors who purchased XRP at a discounted price suffered damages due to the inflated value of the asset. The SEC argues that this constitutes pecuniary harm and supports its request for relief.
SEC's Final Reply and Recent Developments
In its latest filing, the SEC has challenged Ripple's defenses, alleging that the company acted recklessly and that there remains uncertainty about XRP's status. The SEC also expressed concerns about Ripple's potential for future violations, despite the company's claims of post-lawsuit compliance.
Alderoty has criticized the SEC's approach, accusing the agency of damaging its reputation through its aggressive pursuit of the case.
Market Impact
Despite the ongoing legal battle, XRP's price has shown resilience, trading at approximately $0.52 with a slight uptick in the last 24 hours. XRP remains among the top 10 largest cryptocurrencies by market capitalization, boasting a value of approximately $28.3 billion. Over the past day, XRP has experienced significant trading activity, with a volume of over $993.8 million.
Conclusion
The outcome of the SEC v. Ripple lawsuit is expected around September. Ripple is expected to introduce XRPL solutions in Japan and is awaiting a court ruling on a motion to strike an expert witness, which could potentially expedite the final ruling within 60 to 90 days. Despite its current price below its all-time high, XRP remains a promising asset for investors.
The ongoing legal battle between Ripple and the SEC will have significant implications for the cryptocurrency industry, clarifying the regulatory landscape for digital assets and setting a precedent for future enforcement actions.
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