Judge Torres Expected to Reject SEC’s $2 Billion Fine in Ripple vs SEC Case
Breaking News: XRP Lawyer Hints at Potential Game-Changer in Ripple’s Battle with SEC
In a stunning twist, an XRP lawyer has hinted at a potential turning point in Ripple’s ongoing legal battle with the SEC. It is possible that Judge Torres might reject the SEC’s crippling $2 billion fine against Ripple, marking a significant win for XRP and suggesting a bullish trend.
James Murphy, a highly respected pro-XRP lawyer known as MetaLawMan, has raised doubts about the SEC’s arguments. He questions the validity of the SEC’s request for disgorgement, challenging their claim that institutional investors suffered financial harm. Murphy argues that the interpretation of the facts in the case may have been misread, pointing to the Second Circuit’s statement in SEC v. Govil.
Furthermore, Murphy questions the SEC v iFresh case as a precedent for financial harm, noting that it was labeled “NOT FOR ELECTRONIC OR PRINT PUBLICATION,” indicating limited authority. He suggests 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. He expresses hope that the judge will recognize this oversight.
The SEC has justified its request for disgorgement by citing Ripple’s alleged securities law violations, specifically related to the selling of unregistered XRP tokens. They argue that an injunction is necessary to prevent future violations, as Ripple plans to distribute more unregistered crypto assets under its new corporate structure.
In terms of the XRP price, there are indications that the lawsuit may be nearing its end. Crypto influencer CryptoGeek suggests that a potential Ripple settlement could happen soon, with the judge releasing the final brief by May 20th. Additionally, the XRP Ledger (XRPL) is poised to handle a significant $1 trillion trading volume in decentralized finance (DeFi), with the CTF token being the only XRP Ledger DeFi token in the top 10.
Despite these positive developments, the price of XRP has experienced a slight dip of over 2% in the last 24 hours, currently trading at just over $0.52. To recover from recent losses and reach $0.60, XRP must overcome key resistance levels at $0.5582 and $0.5916.
As the XRP lawsuit potentially nears its conclusion, speculation is rife about the final ruling. What are your predictions for the outcome? Stay tuned for further updates on this groundbreaking legal battle.
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Ripple (XRP)
Ripple Vs SEC