Ripple Argues SEC Violation, Lawyers Share Key Insights!
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XRP has been facing immense market heat for a long time, all due to the Ripple vs SEC case. XRP price has seen modest gains, trading near $0.55 with a notable increase in trading volume, indicating heightened interest among traders. The outcome of the legal dispute will likely have significant implications for Ripple and the broader crypto market.
Ripple’s legal battle with the U.S. SEC saw new developments as Ripple filed a motion to strike a declaration by expert witness Andrea Fox, accusing the SEC of procedural violations. The declaration, submitted after the remedies discovery deadline, was used by the SEC in its remedies-related brief. Ripple argues that the untimely submission prejudices its case.
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.
Lawyer’s Insight
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.
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.
