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Highlights
- The SEC responded to Ripple’s recent filings related to the Terraform Labs Consent Judgment.
- Lawyer Bill Morgan disclosed that the SEC accuses Ripple of engaging in practices similar to previous violations.
- The court lacks comprehensive records to determine if Ripple’s current ODL sales violate existing regulations.
Ripple vs SEC Lawsuit News: A new development has emerged in the ongoing legal tussle between Ripple and the U.S. Securities and Exchange Commission (SEC). According to a post on X (formerly known as Twitter) by James K. Filan, the SEC has responded to Ripple’s recent filings related to the Consent Judgment.
James K. Filan highlighted in a recent X post that the SEC has responded to Ripple’s latest filing related to Terraform Labs Consent Judgment.
Ripple Vs. SEC: Uncertainty Over ODL Sales Continues
XRP lawyer Bill Morgan has disclosed that the SEC accuses Ripple of engaging in practices “awfully similar” to previous violations. This ongoing dispute complicates the legal landscape for Ripple’s On-Demand Liquidity (ODL) service.
The SEC claims that Ripple’s current ODL sales practices are similar to those previously deemed violations. Despite warnings from the SEC, the court lacks comprehensive records to determine if these sales violate existing regulations. This complexity adds another layer to the intricate lawsuit between XRP and the SEC. The legal discourse is further complicated by the possibility of the SEC appealing the summary judgment issued in July.
Legal experts predict that the final judgment in the SEC Vs. Ripple Labs case could be issued in July. The SEC might also appeal Judge Torres’s ruling, which stated that XRP programmatic sales are not security contracts. This ongoing uncertainty keeps both parties on edge, with the potential for further legal twists and turns.
XRP Price Dips Amid Legal Uncertainty
Pro-XRP lawyer Fred Rispoli has forecasted a ruling by Judge Torres on remedies by the end of July or early August. He speculates that Judge Torres could issue a poetic ruling on July 13. The SEC is arguing for $2 billion in fines and penalties, while Ripple believes the penalty should not exceed $10 million. Rispoli noted that while a settlement is possible, the odds are currently at zero percent. The SEC and Ripple could still settle arguments that need to be addressed by judges in the ruling.
Despite these developments, the XRP community anticipates the lawsuit may end in the appeals court. The role of Judge Netburn remains uncertain in this context. Rispoli mentioned that Netburn and Torres could confer and determine that the issue before Netburn does not need a ruling. Judge Torres could bypass the expert witness issue and announce a final judgment on remedies and injunctions. However, this would likely only occur if the ruling favors Ripple.
The ongoing legal uncertainty has impacted XRP’s market performance. Currently, XRP price is trading with bearish sentiment, showing a price decrease of 0.43%, now exchanging hands at $0.4759. Over the past 24 hours, XRP has seen highs of $0.4808 and lows of $0.4647.
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