As the legal battle between Ripple and the US Securities and Exchange Commission (SEC) intensifies, the crypto community awaits the SEC’s response brief, which is due today, May 6, 2024. It is expected This presentation is important in the remedy phase of the lawsuit. .
As the legal battle between Ripple and the US Securities and Exchange Commission (SEC) intensifies, the crypto community awaits the SEC’s response brief, which is due today, May 6, 2024. It is expected This presentation is important in the remedy phase of the lawsuit. .
On April 22, Ripple filed its opposition brief to the US Securities and Exchange Commission’s (SEC) request to seek a fine of approximately $2 billion in the litigation.
“The Court should deny the SEC’s requests for an injunction, disgorgement, and prejudgment interest, and should impose a civil penalty of no more than $10 million,” Ripple said in the filing.
The SEC wanted the court to order Ripple to pay $876 million in disgorgement, $198 million in prejudgment interest, and a civil penalty of $876 million, for a total of $1.95 billion.
Legal analysts are closely watching the SEC’s approach as it prepares its response brief; The SEC’s response will most likely focus on strengthening its claims for the remedies it seeks.
According Bill Morganlawyer and XRP enthusiast, while the amount Ripple is ordered to pay is important, the decision on the SEC’s request for an injunction appears to be more important.
“I’m looking forward to seeing what the SEC says in its response brief about Ripple’s argument that the permanent injunction should not be granted or, if granted, should be restricted. Is the SEC really trying to permanently stop sales of Ripple to ODL clients?,” Morgan wrote.
“In my opinion, the decision on the court order is more important than how much Ripple is ordered to pay,” Morgan added.
The crypto community is closely following the outcome of the remedies phase in the Ripple lawsuit. A decision against Ripple may have negative implications, while a favorable outcome for Ripple would reinforce the positive sentiment in the cryptocurrency market.
