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Elena R
Elena R
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Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.
- Apr 23, 2024 13:27 UTC
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Ripple Rejects SEC’s Harsh Demands, Challenges Unfair Tactics in XRP Lawsuit
Ripple is arguing against the SEC's requests for penalties and is concerned about the fairness of the process.
They argue the SEC's requests are excessive and that they complied with the law.
Some expect a resolution in 2-3 months, while others say it could go into next year.
XRP’s journey has been nothing short of a rollercoaster, thanks to the ongoing Ripple vs. SEC drama. Priced around $0.55, XRP’s recent surge in trading volume amidst legal turmoil is catching eyes. The case’s outcome isn’t just pivotal for Ripple but for the wider crypto world.
In the latest twist, Ripple has made moves to strike down expert witness Andrea Fox’s declaration, alleging procedural foul play by the SEC. This late submission has sparked debate over fairness in the legal process.
Ripple’s Defense: Fighting Tooth and Nail
In opposition to the SEC’s remedies-related brief, Ripple urged the court to deny the SEC’s requests for an injunction, disgorgement, and pre-judgment interest. Ripple contends that the SEC failed to prove fraud or recklessness and proposes a civil penalty of no more than $10 million.
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Legal Experts Weigh In
Meanwhile, the motion to strike the Fox declaration highlights Ripple’s concerns about the SEC’s compliance with court procedures and the fairness of the legal process. Pro-XRP lawyers, including Bill Morgan and James Murphy, support Ripple’s argument, emphasizing the potential impact on the case outcome.
Bill Morgan suggests that Ripple could receive Judge Torres’ support in applying the Govil case to avoid disgorgement. Meanwhile, James Murphy anticipates a quicker resolution within 60 to 90 days after the last brief, while Attorney Jeremy Hogan predicts the case may extend into next year due to potential appeals.
Standing Up to the “Bully”?
On the other side, Stuart Alderoty, the General Counsel of Ripple, publicly opposed the SEC’s request for $2 billion in penalties for legacy institutional sales. He highlighted that the case had no allegations or findings of recklessness or fraud, and Ripple had won on significant issues.
Alderoty sees the SEC’s request as evidence of its ongoing intimidation against the entire crypto industry in the U.S. Despite this; he expressed confidence that the judge would approach the final remedies phase fairly.
Read More: Ripple vs SEC Heats Up: ODL Sales Don’t Qualify as Investments, Firm Argues
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