bitcoin
bitcoin

$98631.811099 USD

5.84%

ethereum
ethereum

$3503.530483 USD

5.32%

tether
tether

$0.999658 USD

0.09%

xrp
xrp

$2.331654 USD

7.91%

bnb
bnb

$695.279822 USD

2.10%

solana
solana

$196.040114 USD

6.39%

dogecoin
dogecoin

$0.334468 USD

7.56%

usd-coin
usd-coin

$1.000306 USD

0.04%

cardano
cardano

$0.940203 USD

6.68%

tron
tron

$0.257639 USD

3.08%

avalanche
avalanche

$41.264753 USD

12.27%

chainlink
chainlink

$24.730887 USD

9.60%

toncoin
toncoin

$5.797679 USD

5.80%

shiba-inu
shiba-inu

$0.000023 USD

6.82%

sui
sui

$4.608011 USD

7.78%

Cryptocurrency News Articles

Ripple-SEC Showdown Looms: Deadlines Met, Penalties in the Air

Apr 17, 2024 at 03:15 pm

Ripple's ongoing legal battle with the SEC continues, with Ripple's Chief Legal Officer, Stuart Alderoty, revealing upcoming court deadlines. Despite rumors of a settlement, Ripple will respond to the SEC's request for penalties by April 22, with the SEC having until May 6 to reply. The pre-trial conference is no longer relevant as the case proceeds towards resolving penalty issues in court.

Ripple-SEC Showdown Looms: Deadlines Met, Penalties in the Air

Ripple and SEC Clash Continues: Deadlines and Penalties Loom

In the ongoing legal battle between Ripple Labs Inc. and the United States Securities and Exchange Commission (SEC), the parties are poised to engage in a crucial phase of the proceedings. Ripple's Chief Legal Officer, Stuart Alderoty, has provided a clear timeline for the upcoming court filings, dispelling rumors of a settlement and setting the stage for a potential showdown over penalties.

Upcoming Deadlines and Implications

Alderoty has outlined a series of important deadlines in the case. Ripple is expected to submit its response to the SEC's request for penalties by April 22, 2024. The SEC will then have until May 6, 2024, to file its reply. Notably, a pre-trial conference has not been scheduled due to the dismissal of charges against Ripple's CEO, Brad Garlinghouse, and co-founder, Chris Larsen.

Ripple's Defense Strategy

Ripple's penalty response is expected to address the SEC's allegations that the company violated US securities laws by selling unregistered securities in the form of XRP tokens. Factors that may influence Ripple's penalty include its pre-complaint XRP sales to US institutional investors, post-complaint breaches, and financial harm to investors.

In its defense, Ripple may cite the Morrison v. National Australia Bank case, which established limits on the SEC's jurisdiction over overseas securities transactions. Ripple may also argue that the majority of its pre-complaint XRP proceeds came from non-US investors and that there were no post-complaint sales to US investors or substantial financial harm.

SEC's Penalty Quest

Despite the challenges it faces, the SEC is seeking significant penalties against Ripple, with estimates ranging close to $2 billion. However, the SEC's prospects for obtaining such a hefty penalty have been diminished by the Govil lawsuit ruling in late 2023. That ruling held that the SEC cannot demand substantial disgorgement awards without demonstrating investor losses.

XRP Market Sentiment

The ongoing legal battle has weighed on the market sentiment for XRP, the cryptocurrency created and distributed by Ripple. XRP's price has declined in recent months, currently trading at $0.4921 as of April 17, 2024, despite some promising developments within the XRP ecosystem, such as the increase in active XRPL liquidity pools.

Conclusion

The upcoming deadlines in the Ripple-SEC case will shed light on the parties' positions on penalties and provide insights into the potential trajectory of the lawsuit. While the possibility of a settlement cannot be completely dismissed, Ripple's Chief Legal Officer's comments indicate that the company is preparing for a robust defense against the SEC's allegations. The outcome of this legal battle will have significant implications for Ripple, the broader cryptocurrency industry, and investors worldwide.

Disclaimer:info@kdj.com

The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!

If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.

Other articles published on Dec 25, 2024