In a high-stakes legal showdown, Ripple is taking on the SEC, marking a critical moment for the cryptocurrency world. Stuart Alderoty, Ripple’s Chief Legal Officer, has pushed back against the SEC’s arguments, hinting at a potential breakthrough in the ongoing legal battle.
Could this be the turning point XRP holders have been waiting for? Here’s the scoop.
The SEC has honed in on Ripple’s upcoming stablecoin, using it as ammunition in their legal arsenal. But Ripple isn’t backing down, citing a similar case involving Binance’s BUSD as a ray of hope for their cause.
Legal experts, including James Murphy, are throwing their support behind Ripple. They question the SEC’s proposed $2 billion fine, suggesting it could be a turning point for XRP. Murphy challenges the SEC’s narrative of harm to institutional investors, arguing that the evidence doesn’t align.
However, the SEC claims that institutional investors who paid a lower discount for XRP suffered from an inflated price, constituting pecuniary harm. To counter SEC, Murphy doubts the interpretation of the facts in the case, suggesting a misreading of the Second Circuit’s statement in SEC v. Govil.
The SEC filed its final reply in the latest update, challenging Ripple’s defenses. The SEC says Ripple acted recklessly, and there’s still uncertainty about XRP’s status. Despite Ripple’s cooperation, the SEC worries about future violations. Ripple’s claims of post-lawsuit compliance are questioned. Stuart Alderoty, Ripple’s chief legal officer, criticized the SEC’s approach, saying it’s causing the SEC’s reputation to decline.
All eyes are on September for the verdict, with Ripple already planning its next moves. Expansion into Japan with XRPL solutions is on the horizon, but immediate attention is on a court ruling regarding an expert witness, expected in the next 60 to 90 days.
Meanwhile, after the SEC lashed out at Ripple’s stablecoins, XRP’s price showed 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, it’s among the top 10 largest cryptocurrencies.
Over the past day, it experienced a total volume of $993.8 million, showing increased activity. Despite its current value of $0.512, down from its all-time high of $3.84 in January 2018, XRP still holds promise for investors.
Also Check Out: Ripple vs SEC: Judge Torres Expected to Reject SEC’s $2 Billion Fine
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