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Will the Cryptocurrency Giant Be Crushed by a $2 Billion Fine from the SEC? The verdict looms!
The excitement grows as Ripple vs. SEC the legal battle is ever closer to its climax. Judge Torres’ final ruling is expected in September, with a settlement or appeal on the horizon. Surprisingly, amidst this legal turmoil, XRP the price has risen 5% in a week, signaling a potential upside to $1.
This surge coincided with the US SEC filing its final response brief and supporting evidence regarding remedies in the Ripple lawsuit.
Day of the Apocalypse: May 8th
Prominent defense attorney James Filan shared an intriguing update yesterday, shedding light on the proceedings. However, the suspense continues as the motions remain sealed until May 8, when they will be revealed publicly in redacted form. Today, May 7, marks a crucial moment as representatives from the SEC and Ripple meet to decide on necessary reviews before the documents are revealed.
What’s in the SEC’s response brief?
While the SEC’s response remains secret, legal analysts say the documents counter Ripple’s arguments against the regulator’s initial request for remedies. Previously, the SEC had sought a hefty fine of nearly $2 billion against Ripple for violating federal securities laws through its institutional sales of XRP. This request followed Judge Analisa Torres’ ruling last July, which ruled that the San Francisco-based company violated securities laws for selling XRP to institutions.
In its initial remedy brief, the SEC requested a stay against Ripple to prevent future violations.
In response, Ripple vehemently opposed the SEC’s requests, arguing against the need for injunctive relief and disgorgement. The company argued that the SEC’s proposed civil penalty of $876 million far exceeded what was justifiable, arguing a more modest sum of $10 million.
Final countdown: what do the experts think?
Experts predict that the final ruling will end this year. However, Ashley Prosper, a well-known member of the XRP community, thinks Judge Analisa Torres could deliver her final decision between July and September 2024. The analyst also mentioned the possibility of the parties agreeing on that date.
However, it is critical to temper expectations, as the actual timing remains speculative, subject to the court’s discretion.
Whatis coming?
Prosper’s foresight extends to the potential appeal, a scenario that could drag the legal dispute into 2025. Notably, the SEC’s previous attempt to appeal Ripple’s partial victory was stopped by Judge Torres, who ruled urged the agency to wait for a resolution on all issues. fronts.
What is your prediction for the final verdict? Will Ripple win or settle? Share your thoughts.
Also check: Ripple’s $770 million fine is ‘unjustified’: Legal experts criticize SEC