In recent developments, Ripple is facing the SEC head-on in the legal battle. Ripple’s Chief Legal Officer, Stuart Alderoty, deemed the SEC’s arguments in support of its motion for remedies and final judgment weak, signaling potential progress towards the end of the lawsuit.
Could this be the turning point XRP holders have been waiting for? Here’s the scoop.
SEC vs. Ripple: A Clash of Interpretations?
Specifically, the SEC attacked Ripple’s planned stablecoin, citing it as a reason for injunctions. However, Ripple may counter this argument with the potential outcome of the Binance lawsuit, where a ruling on the status of BUSD (Binance USD) as a security is anticipated to favor Ripple’s stance.
Despite the SEC’s efforts, legal experts such as James Murphy believe that Judge Torres might reject the SEC’s proposed $2 billion fine against Ripple, which is seen as a significant win for XRP, indicating a bullish trend. Murphy questions the SEC’s argument that institutional investors suffered financial harm, challenging the validity of their request for disgorgement.
However, the SEC claims that institutional investors who paid a lower discount for XRP suffered from an inflated price, constituting pecuniary harm. To counter SEC, Murphy doubts the interpretation of the facts in the case, suggesting a misreading of the Second Circuit’s statement in SEC v. Govil.
SEC’s Final Reply and the latest update
The SEC filed its final reply in the latest update, challenging Ripple’s defenses. The SEC says Ripple acted recklessly, and there’s still uncertainty about XRP’s status. Despite Ripple’s cooperation, the SEC worries about future violations. Ripple’s claims of post-lawsuit compliance are questioned. Stuart Alderoty, Ripple’s chief legal officer, criticized the SEC’s approach, saying it’s causing the SEC’s reputation to decline.
The outcome is expected around September, and Ripple plans to introduce XRPL solutions in Japan. Additionally, Ripple awaits a court ruling on a motion to strike an expert witness, expecting a quicker final ruling within 60 to 90 days.
XRP Jumped With SEC’s Attack
Meanwhile, after the SEC lashed out at Ripple’s stablecoins, XRP’s price showed resilience, trading near $0.52 with a slight uptick of nearly 1% in the last 24 hours. With a market capitalization of $28.3 billion, it’s among the top 10 largest cryptocurrencies. Over the past day, it experienced a total volume of $993.8 million, showing increased activity. Despite its current value of $0.512, down from its all-time high of $3.84 in January 2018, XRP still holds promise for investors.
Also Check Out: Ripple vs SEC: Judge Torres Expected to Reject SEC’s $2 Billion Fine