Ripple’s Defense Against SEC Stablecoin Claims Strengthened by Binance Case: Latest XRP News
Ripple Finds Itself in Legal Battle Against SEC
In a recent development, Ripple is going head-to-head with the SEC in a legal battle. Stuart Alderoty, Ripple’s Chief Legal Officer, has criticized the SEC’s arguments, suggesting that progress towards the end of the lawsuit may be on the horizon. This could potentially be a turning point for XRP holders. Let’s take a closer look.
SEC vs. Ripple: A Clash of Interpretations?
The SEC has targeted Ripple’s planned stablecoin, using it as a reason for seeking injunctions. However, Ripple may have a counter-argument based on the anticipated outcome of the Binance lawsuit, which could favor Ripple’s stance on the status of BUSD (Binance USD) as a security.
Despite the SEC’s efforts, legal experts like James Murphy believe that Judge Torres might reject the proposed $2 billion fine against Ripple. This would be a significant victory for XRP and could indicate a bullish trend. Murphy questions the SEC’s argument that institutional investors suffered financial harm and challenges the validity of their request for disgorgement.
On the other hand, the SEC claims that institutional investors who paid a lower discount for XRP experienced an inflated price, which resulted in pecuniary harm. Murphy doubts the interpretation of the facts in the case and suggests that the Second Circuit’s statement in SEC v. Govil may have been misread.
SEC’s Final Reply and the Latest Update
In the latest update, the SEC filed its final reply, challenging Ripple’s defenses. The SEC argues that Ripple acted recklessly and that there is still uncertainty surrounding the status of XRP. Despite Ripple’s cooperation, the SEC expresses concerns about future violations. Ripple’s claims of post-lawsuit compliance are also called into question. Ripple’s chief legal officer, Stuart Alderoty, criticized the SEC’s approach, stating that it is damaging the SEC’s reputation.
The outcome of the case is expected to be determined around September, and Ripple has plans to introduce XRPL solutions in Japan. Additionally, Ripple awaits a court ruling on a motion to strike an expert witness, with hopes of a quicker final ruling within 60 to 90 days.
XRP Shows Resilience Amidst SEC’s Attack
Interestingly, despite the SEC’s criticism of Ripple’s stablecoins, XRP’s price has shown 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, XRP remains among the top 10 largest cryptocurrencies. It has experienced increased activity, with a total volume of $993.8 million over the past day. Although its current value is lower than its all-time high of $3.84 in January 2018, XRP still holds promise for investors.
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Judge Torres Expected to Reject SEC’s $2 Billion Fine in Ripple vs SEC Case
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Ripple (XRP)