Judge Torres Expected to Dismiss SEC’s $2 Billion Fine in Ripple vs SEC Case
In the most recent update, an attorney specializing in XRP has provided insight into why Judge Torres is expected to reject the Securities and Exchange Commission’s (SEC) proposed $2 billion fine against Ripple. This development is highly positive for XRP and indicates a strong upward trend. Let’s delve into what this means for you.
James Murphy, a lawyer known as MetaLawMan and a supporter of XRP, believes that Judge Torres may dismiss the SEC’s request for a $2 billion fine against Ripple. This outcome would be a significant victory for XRP and a clear indication of a bullish market. Murphy questions the SEC’s argument that institutional investors suffered financial harm, casting doubt on the validity of their demand for disgorgement.
According to the SEC, institutional investors who purchased XRP at a lower price were negatively affected by an inflated market value, resulting in pecuniary harm. However, Murphy questions the interpretation of the facts in the case, suggesting a misinterpretation of the Second Circuit’s statement in SEC v. Govil.
MetaLawMan also questions the relevance of the SEC v iFresh case as a precedent for financial harm, pointing out that the judge labeled it as “NOT FOR ELECTRONIC OR PRINT PUBLICATION,” indicating limited authority. Murphy believes that Judge Torres may reject the SEC’s motion due to weak grounds.
In response, lawyer Jeremy Hogan emphasizes the importance of seeking permission from the appellate court before citing such cases and expresses hope that the judge will recognize this oversight.
The SEC’s justification for disgorgement is based on alleged securities law violations by Ripple, primarily related to the sale of unregistered XRP tokens. The SEC argues that an injunction is necessary to prevent future violations, as Ripple plans to distribute more unregistered cryptocurrency assets under its new corporate structure.
Crypto influencer CryptoGeek suggests that the XRP lawsuit may be nearing its conclusion, as a potential settlement between Ripple and the SEC could occur soon. The judge is expected to release the final brief by May 20th. Additionally, the XRP Ledger (XRPL) is poised to handle a significant trading volume of $1 trillion in decentralized finance (DeFi), with the CTF token being the only XRP Ledger DeFi token in the top 10 rankings. While the CTF token represents only a fraction of XRP’s market share, it could experience a substantial surge, potentially skyrocketing from $0.87 to $1937 effortlessly.
Despite the legal uncertainties surrounding the XRP lawsuit, the price of XRP has experienced a slight decline of over 2% in the past 24 hours and is currently trading at just over $0.52. To recover from recent losses, XRP must overcome key resistance levels, particularly at $0.5582 and $0.5916, on its way to reaching $0.60.