The ongoing legal battle between the Securities and Exchange Commission (SEC) and Ripple has taken a new twist, with disagreements on procedural matters and financial transparency. In response to Ripple’s recent objections, the SEC has strongly defended its stance.
How is this going to shape the future of the battle? Read on to find out.
SEC’s Firm Response
In reply to Ripple’s claim of untimeliness, the SEC says such challenges are normal in securities law. They emphasize the importance of post-complaint facts for fair resolutions, countering Ripple’s belief that this information doesn’t affect court decisions.
Regarding Ripple’s hesitation in sharing specific contracts in a new court hearing, the SEC explains that these contracts are crucial for predicting if Ripple might break the rules again and ensuring they follow the court’s judgment.
Also Read: Ripple Vs. SEC Lawsuit: Latest Updates, Trends & Expert Insights
Challenging Ripple’s Claims
Raising concerns over Ripple’s argument that its finances don’t matter to the penalties it faces, the SEC cites past cases where a defendant’s wealth influenced punishment decisions. The SEC asserts its right to detailed information about Ripple’s finances and contracts for informed decision-making on fines and remedies.
The legal battle started in December 2020 when the SEC accused Ripple of selling digital assets without proper registration. Ripple won a significant victory in July 2023 when a judge ruled XRP sales weren’t investment contracts.
Yet, as the Q2 2024 jury trial approaches, the crucial question remains: Did Ripple’s leaders allow the sale of unregistered securities?
Ripple Stands Firm Against Overregulation
Beyond the Ripple case, the trial impacts the broader cryptocurrency world. Now, all eyes are on February 12, 2024 which is the deadline for the discovery phase.
Read More: Ripple Lawsuit with GCC Exchange Reaches Confidential Settlement; What Next?
Ripple vs. SEC: A crypto clash for the ages. Where do you stand?
