Ripple Vs SEC Update: Big Stakes In Opposition Brief, XRP OI Surpasses 1 Billion

Highlights

Ripple Vs SEC lawsuit enters a pivotal week as files opposition brief on April 22.
U.S. SEC requested final judgment in remedies-related brief and seek nearly $2 billion in penalties from Ripple.
XRP price can rally past $0.55 next week, with open interest rising over

Ripple Vs SEC lawsuit enters a pivotal week as Ripple Labs defense team prepares to file its opposition brief in response to the U.S. Securities and Exchange Commission’s remedies related-brief. As the SEC requested Judge Torres for final judgment and nearly $2 billion in penalties, Ripple is to submit a sealed response on April 22. The redacted version of the filing is likely to be public a few days later.

US SEC Seeks $2 Billion Penalties in Remedies-Related Briefing

The U.S. SEC filed a starting remedies-related brief seeking final judgment against Ripple to pay $876,308,712 in disgorgement, $198,150,940 in prejudgment interest, and $876,308,712 civil penalty. The SEC argued a total of $1,950,768,364 is valid due to violation of Section 5 of the Securities Act of 1933 and conducting unregistered offerings of XRP in institutional sales.

Ripple executives expressed outrage over the SEC considering almost $2 billion in penalties fair enough without arguing any fraud and viable contracts. A settlement conference between the parties in March-end failed to settle disputes, Ripple CLO Stuart Alderoty said “Something’s broken” as the SEC fails despite litigating 8 major crypto cases.

Ripple’s Response to US SEC in Remedies-Related Briefing

Ripple to file a redacted version of its opposition brief along with supporting declarations and exhibits on April 22 in Ripple Vs SEC lawsuit. The materials designated by the SEC as confidential or highly confidential will remain sealed. Ripple may also file a public version of exhibits as per the earlier protective order.

After a meeting between the parties on April 23, Ripple will file a public, redacted version of the opposition brief on April 24. Ripple’s attorneys will argue against the SEC’s request for $2 billion in penalties despite plausible assertions. Furthermore, the parties could also confer on programmatic sales and secondary market sales, with claims expected in Ripple’s original opposition filing next week.

Ripple will also cite a court decision in the Aron Govil case that “if a buyer suffers no financial loss, the SEC is not entitled to disgorgement from the seller.” The SEC alleged that institutional investors have suffered $480 million in damages owing to discrimination. Moreover, Coinbase gaining clarity on secondary market sales as not securities could also appear in the opposition brief.

On May 6, the SEC to file its reply brief under seal. Furthermore, parties and third parties are to file letter motions and opposition related to sealing details in the filings until May 20.

Also Read: Pro-XRP John Deaton To Appear As Amici Counsel in Coinbase Vs SEC

XRP Price Soars Ahead Ripple’s Filing in SEC

Meanwhile, XRP price trades over $0.5, up more than 5% in the last 24 hours. Traders remain bullish on XRP as Ripple files its opposition to provide further clarity on next steps in the case. As per CoinGape Markets, if this positive trend persists, the cryptocurrency might soon hit the key $0.55 mark.

XRP futures and options open interests are rising after the Bitcoin halving. XRP futures OI rises 4% to over 1.06 billion in the last 24 hours, and 3% in the last few hours, showing signs of reversal to $0.60. While the increase is marginally low now, a massive rise in expected after the filing.

Also Read: Bitcoin ETF: BlackRock, Fidelity Shows Recovery Signs, GBTC Outflow Fall To $45M

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Varinder Singh

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