May 25, 2024
SEC response Ripple XRP case
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SEC Responds to Ripple XRP Case Progress

The legal tussle between Ripple Labs and the United States Securities and Exchange Commission (SEC) has taken another turn as the SEC filed its final reply in the remedies stage of the lawsuit, marking a significant development in the ongoing legal battle.

SEC Challenges Ripple’s Defense

In its recent response, the SEC contested Ripple’s argument that it acted without recklessness and that there should be no ambiguity regarding the legal status of XRP. The SEC reiterated its position, despite the court’s rejection of Ripple’s “fair notice” defense previously.

The SEC also questioned whether Ripple might engage in similar actions in the future, despite the absence of violations since the initiation of the XRP lawsuit in 2020.

Ripple’s Defense and the SEC’s Rebuttal

Ripple attempted to minimize its liability in its remedies brief, emphasizing its cooperation with the SEC since its 2013 XRP initial coin offering. However, the SEC emphasized that past compliance does not guarantee future behavior, highlighting that even without violations since 2020, future breaches are possible.

The SEC refuted Ripple’s claims about changing its behavior post-lawsuit, arguing that these assurances do not justify avoiding injunctions. It pointed out that Ripple’s interpretations of legal guidance and restructuring of XRP sales are misleading, especially as certain defenses were abandoned during summary judgment.

Ripple’s Response to the SEC’s Reply

Stuart Alderoty, Ripple’s chief legal officer, criticized the SEC’s response, mentioning that the SEC’s reputation continues to decline in his view. He highlighted the perception of international financial regulators regarding the SEC’s actions and expressed optimism about resolving the lawsuit.

Final Judgement

As the legal battle continues, analysts expect a final judgment around September, eagerly anticipating the outcome that could significantly impact Ripple, XRP, and the broader cryptocurrency community. Meanwhile, Ripple moves forward with strategic partnerships like its upcoming venture into the Japanese market with HashKey DX, introducing XRPL enterprise solutions.

Image by freepik

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