Ripple Labs and SEC Advance in Legal Dispute Concerning XRP
Crypto News– In the ongoing legal dispute between Ripple Labs and SEC, significant progress has been reported, with the SEC filing its final reply in the lawsuit’s remedies stage.
In its recent response to Ripple’s remedies brief, the SEC contested Ripple’s assertion that it acted without recklessness and that there should be no widespread uncertainty regarding the legal status of XRP, despite the court previously rejecting this fair notice defense.
Ripple’s Compliance Efforts and SEC’s Rebuttal
Ripple has sought to minimize its liability while emphasizing its cooperation with the SEC since its 2013 XRP initial coin offering. However, the SEC argued that, according to the law, even if Ripple had refrained from violations since 2020, the possibility of future breaches remains.
The SEC contends that Ripple’s claims of following legal guidance and restructuring future XRP sales based on the lawsuit’s order are misleading, asserting that Ripple misinterprets the order and fails to accept its implications for compliance. The reply refutes Ripple’s assertions about conducting sales outside the U.S. and to accredited investors, as these defenses were abandoned during summary judgment.
Ripple’s Response and Future Outlook
In response to the SEC’s reply in the remedies brief, Ripple’s chief legal officer, Stuart Alderoty, criticized the SEC’s reputation, suggesting that international financial regulators with robust crypto licensing frameworks might find the SEC’s efforts surprising. Alderoty expressed optimism about resolving the XRP lawsuit. While the crypto community awaits the case’s outcome, analysts anticipate a final judgment around September.
Expanding XRPL Enterprise Solutions
Ripple is poised to introduce XRPL enterprise solutions to the Japanese market through a strategic partnership with Tokyo-based consulting firm HashKey DX.
FAQs
What is the legal dispute between Ripple Labs and the SEC about?
The legal dispute centers around allegations by the United States Securities and Exchange Commission (SEC) against Ripple Labs regarding the sale of XRP, the cryptocurrency associated with Ripple.
What recent progress has been made in the legal battle?
Significant progress has been reported, with the SEC filing its final reply in the lawsuit’s remedies stage, responding to Ripple’s defenses and assertions.
What is the SEC’s stance on Ripple’s actions?
The SEC contends that Ripple’s actions were not without recklessness, contrary to Ripple’s assertion. Additionally, the SEC maintains concerns about potential future violations.
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