Altcoins
How Binance’s decision will impact the Ripple v. SEC case
The U.S. Securities and Exchange Commission’s arguments in its long-awaited response in support of its motion for relief and final judgment proved weak. CLO Ripple Stuart Alderoty even quoted him as “It’s more of the same from the SEC – failing to faithfully apply the law and trying to throw smoke and mirrors in the judge’s eyes.” He hinted at the end of a long-running trial and believes that the court will approach the reparations phase in a fair manner.
US SEC attacks Ripple’s planned stablecoin
The SEC asked the court to grant the requested injunctions based on assumptions of infringement by Ripple in the future. The securities regulator attacked Ripple’s stablecoin project arguing that an injunction was necessary.
XRP Expert Ashley Thrive says a decision on Binance’s motion to dismiss could come any day and Judge Jackson is likely to rule that BUSD is not a security. Interestingly, Binance argued that a US DOJ filing in the Mango Markets lawsuit contradicted the SEC’s position that BUSD and other stablecoins are unregistered securities, as CoinGape exclusively reports.
The court’s opinion and ruling in the Binance lawsuit will benefit Ripple in countering the SEC’s claims that the new stablecoin is an unregistered crypto asset. The SEC continues to view Ripple’s programmatic XRP sales and ODL sales after 2020 as unregistered violations of securities law.
Read also: XRP Lawyer Reveals ODL Contract Terms and Potential Legal Impact
Ripple awaits decision on expert witness and appeals
Lawyer James Murphy criticized the United States DRY brief in reply, specifying that it adds nothing significant to the argument according to which institutional investors suffered pecuniary damage. He revealed that the SEC’s request for a $2 billion fine would likely be denied in part by Judge Torres, citing a decision with a “not to be published” designation as precedent.
However, he does not rule out the possibility that Judge Torres follows iFresh’s reasoning. It is also possible that the judge will schedule a hearing to resolve unanswered questions regarding the parties’ positions.
Meanwhile, Ripple is also seeking a court ruling on a motion to disbar an expert witness. Pro-XRP lawyers argue judge will accept Fox Statement give expert evidence and have Ripple’s lawyers file it.
Moreover, XRP Lawyers predicted that a final decision would be issued much more quickly than summary judgment decisions, within 60 to 90 days after the final brief. Similarly, Ashley Prosper says the XRP community needs to wait until July or August, even September for Judge Torres’ final decision.
XRP Price is now trading near $0.52, up almost 1% in the last 24 hours. The 24-hour low and high are $0.509 and $0.528, respectively. Trading volume remains low on spot exchanges.
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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto and Web3 developments. A technology enthusiast and analytical thinker, he has shared his knowledge on disruptive technologies in over 5,000 news stories, articles and documents. With CoinGape Media, Varinder believes in the enormous potential of these innovative technologies of the future. It currently covers all the latest updates and developments in the crypto industry.
The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.