- Ripple rejected the SEC’s reduced penalty offer from $2 billion to $102 million.
- Ripple challenges the SEC’s regulatory methods, citing a need for clear rules.
- The lawsuit’s outcome could significantly impact XRP prices and the broader crypto market.
On July 2, 2024, Ripple Labs filed a Notice of Supplemental Authority in court, rejecting the SEC’s reduced penalty offer of $102 million. Ripple has challenged the SEC’s regulatory approach, arguing that it lacks clear regulations and requires formal legislation, signaling a significant shift in their three-and-a-half-year legal battle.
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Ripple Labs submitted a Notice of Supplemental Authority to Judge Analisa Torres’ court. Ripple plans to capitalize on Binance’s recent legal victory to challenge the SEC’s approach. The business contends that formal legislation is necessary because the SEC’s procedures lack consistency and clear regulations.
In the notice, Ripple argued that intangible digital assets fail to fall well within the framework established by the Howey test. Ripple questioned the SEC’s approach to industry regulation, arguing that it leaves investors in a state of uncertainty.
The SEC is expected to respond to Ripple’s Notice of Supplemental Authority, most likely referencing the SEC vs. Terraform Labs ruling. In that case, Judge Rakoff determined that Terraform Labs and its founder, Do Kwon, violated US securities laws by failing to register TerraUSD and Luna as securities.
The outcome of this lawsuit is expected to have a major effect on the price of XRP and the wider cryptocurrency market. Ripple’s victory could spark an XRP rally, as it did after its partial victory last year. On the other hand, a victory for the SEC could cause the cryptocurrency market to decline.
The ongoing legal dispute involving Ripple and the SEC is having a big impact on the cryptocurrency market. Ripple’s recent filing, along with the SEC’s expected response, are likely to shape the future regulatory landscape for digital assets. The court’s ruling will have a long-term effect on the market.
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