A lack of case-related news left investors to speculate about the looming SEC reply brief.
The SEC must file its remedy-related reply brief by Monday (May 6). In March, the SEC filed its remedy-related opening brief, pressing for a punitive penalty and an injunction. The SEC alleged that Ripple continued to breach US securities laws after the December 2020 complaint.
In April, Ripple filed its remedy-related opposition brief, stating that post-complain XRP sales were to accredited investors and through ODL agreements. ODL agreements ensure XRP holders avoid profits or losses.
The SEC reply brief will give investors a better sense of the strength of the SEC’s case for a punitive penalty and an injunction. XRP could come under selling pressure if the SEC can give evidence of Ripple continuing to breach US securities laws after the complaint.
Notably, an injunction prohibiting Ripple from selling XRP to institutional investors would impact its plans for the US market.
On Saturday (May 4), Fox Business journalist Eleanor Terrett shared updates from XRP Las Vegas 2024, saying,