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The legal battle between Ripple, the company behind the XRP cryptocurrency, and the U.S. Securities and Exchange Commission (SEC), is heating up as both parties prepare for the remedy stage of the lawsuit.
The SEC initiated the legal tussle in December 2020, accusing Ripple of unlawfully vending XRP as unregistered securities, amassing a whopping $1.3 billion in the process. The crux of the SEC’s argument is that XRP should be classified as a security rather than a currency, with Ripple allegedly failing to register its transactions or adhere to any exemptions.
Ripple vehemently refutes these claims, contending that XRP functions as a digital asset facilitating cross-border payments within its RippleNet network. Furthermore, Ripple asserts that the SEC is overstepping its boundaries, attempting to broaden the lawsuit’s scope beyond its initial parameters.
John Deaton Shares New Insights on Ripple vs. SEC Case
John Deaton, representing XRP holders, sheds light on the SEC’s primary objective: scrutinizing Ripple’s financial records from 2022 to 2023 to assess the legality of XRP sales during this period. The SEC aims to levy substantial fines on Ripple under Section 5 of the Securities Act of 1934, explicitly prohibiting the sale of unregistered securities.
What's Next for XRP Holders? https://t.co/J1iChh6hR0
— CryptoLaw (@CryptoLawUS) February 1, 2024
In a bid to counter this, Ripple’s defense hinges on demonstrating exemptions for specific institutional sales. However, the court has already ruled that some of these transactions violated securities laws. Deaton suggests that Ripple could potentially mitigate penalties if it can prove the exempt status of the majority of its institutional dealings.
Ripple has promptly responded to the SEC’s motion, rebuffing attempts to prolong the litigation and expand the scrutiny into additional transactions. Ripple contends that the discovery phase has concluded and deems the SEC’s request unjust and unwarranted.
Legal expert Deaton does not foresee a swift settlement, given the apparent reluctance of both parties to find a middle ground. He speculates that the SEC might contemplate settling only if the potential gains outweigh the risks of an adverse judgment.
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