The market buzzes with anticipation as the Securities and Exchange Commission (SEC) and Ripple reveal sealed remedial reply briefs and exhibits in their ongoing legal battle. Today, the curtain lifts on redacted versions of these elusive documents, shedding light on the strategic moves between the two giants.
What next? Let’s find out.
In a recent X post, pro-XRP lawyer Bill Morgan noted the potential implications of a permanent ban on Ripple’s XRP sales. He believes the regulator’s response is more crucial than the penalty.
A major point of disagreement is the SEC’s assertion of financial harm to institutional XRP buyers due to Ripple’s actions. Morgan carefully examines this claim, raising questions about potential penalties and avenues for appeal.
Digging deeper, Morgan examines the SEC’s push for a permanent prohibition, particularly targeting Ripple’s On-Demand Liquidity (ODL) sales. He outlines the SEC’s stance on Ripple’s business model and potential risks. Additionally, he looks at Ripple’s efforts to challenge the injunction and the SEC’s rebuttals.
Furthermore, he disagrees with Judge Torres’ ruling on ODL sales being classified as investment contracts. At the same time, he also lashes out at Ripple’s argument that they lacked clarity in differentiating these sales from other institutional and programmatic sales during the summary judgment phase.
Ripple now faces the challenge of addressing this issue on appeal, as he expects the court will likely grant a permanent injunction, extending its scope to cover ODL sales.
Attorney Jeremy Hogan announced the completion of the Ripple vs. SEC briefs, expressing his view that the SEC’s final response lacked impact. Hogan noted that the SEC did not address ODL sales, merely acknowledged Ripple’s attempt to re-litigate the issue. Furthermore, he mentioned that the SEC did not introduce any new information regarding damages. With the briefs finalized, the anticipation now shifts to the judge’s decision.
The SEC lawsuit has dampened XRP’s price, but there’s hope for a turnaround. Although it’s trading around $0.53, positive news from the Ripple vs. SEC case could push it past $0.55. Derivatives traders are also showing interest, with XRP futures OI increasing by nearly 4% in 24 hours, indicating a bullish trend in the futures market.
Read Also: Ripple vs SEC: Ripple’s Fate in Judge’s Hands – What To Expect?
We’re all in this together! What are your predictions for the Ripple vs. SEC case?
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