- Alderoty denies imminent Ripple-SEC settlement.
- Ripple to contest SEC penalties citing Morrison vs. NAB.
- XRP price fluctuates amid ongoing legal uncertainties.
In a post on the X Platform, Stuart Alderoty, Ripple’s Chief Legal Officer, explained the current proceedings in the ongoing legal fight between the company and the U.S. Securities and Exchange Commission (SEC). Amidst mounting speculation and misinformation, Alderoty stressed that no settlement is imminent and detailed the next steps in the litigation. This release is timely as Ripple is about to address the SEC’s demands.
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The legal dispute, which has mesmerized the cryptocurrency community, centers upon the SEC’s accusations that Ripple sold XRP as an unregistered security.
However, despite these claims, recent court rulings have dismissed charges against Ripple executives, reshaping the lawsuit’s landscape. Moreover, according to the Ripple CLO, Ripple is set to file its response to the SEC’s request for penalties by April 22, 2024, with the SEC scheduled to reply by May 6, 2024.
Ripple Defense and Potential Penalties
As the proceedings advance, Ripple’s defense strategy will be crucial. The company plans to challenge the SEC’s proposed penalties based on several factors, including the origin of XRP sales and the actual harm caused to investors.
Notably, Ripple will likely leverage the Morrison vs. NAB decision, arguing that the SEC’s jurisdiction only extends to U.S.-based sales. This argument could significantly impact the penalty size, potentially reducing the financial burden on Ripple if they demonstrate that most transactions did not involve U.S. investors and that there was no subsequent harm to these investors.
The ongoing lawsuit has had a noticeable impact on XRP’s market performance, with prices reflecting the uncertainty surrounding the case. XRP has recently experienced fluctuations and is currently trading below key resistance levels on various technical charts. However, in the last 24 hours, bulls have had the upper hand after support at the intra-day low of $0.4807 was established. Bulls, as a result, soared the XRP price to a high of $0.501 before facing resistance. At press time, XRP was exchanging hands at $0.4984, a 1.39% surge from the intra-day low.
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