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Ripple Can Counter SEC Attacks on Stablecoin with Binance Ruling
The U.S. Securities and Exchange Commission’s arguments in its long-awaited response supporting its proposed remedies and final ruling proved weak. Ripple CLO Stuart Alderoty he even cited it as “More of the same on the SEC’s part: not faithfully enforcing the law and trying to pull the wool over the judge’s eyes.” He mentioned the end of the long case and believes that the court will approach the remedies phase fairly.
US SEC attacks Ripple’s planned stablecoin
The SEC asked the court to enter the requested injunctions based on speculation of future infringement by Ripple. The securities regulator has attacked Ripple’s stablecoin plan claiming an injunction is needed.
XRP Expert Ashley Prospero says a decision on Binance’s motion to dismiss could come any day and Judge Jackson is likely to rule BUSD it’s not a security. Interestingly, Binance argued that a document filed by the US DOJ in the Mango Markets case contradicts the SEC’s position that BUSD and other stablecoins are unregistered securities, as reported exclusively by CoinGape.
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 post-2020 ODL sales as violations of unregistered securities laws.
Read also: XRP Lawyer Reveals ODL Contract Terms and Potential Legal Impact
Ripple awaits decision on expert testimony and remedies
Lawyer James Murphy criticized the United States of the SEC he replies briefly, stating that he adds nothing significant to the thesis according to which institutional investors have suffered financial damage. He revealed that the SEC’s motion for a $2 billion fine will likely be rejected in part by Judge Torres as he cites a decision with a “non-publication” designation as precedent.
However, he does not rule out the possibility that Judge Torres will follow iFresh’s reasoning. Furthermore, it is possible that the judge will set a hearing to resolve the remaining questions regarding the positions of the parties.
Meanwhile, Ripple is also seeking a court ruling on a motion to strike an expert witness. Pro-XRP lawyers say the judge will agree Volpe’s statement provide some expert evidence and ask Ripple’s lawyers to depose it.
Furthermore, XRP Lawyers predicted that the final ruling would come substantially more quickly than summary judgment rulings, within 60 to 90 days of the final brief. Likewise, Ashley Prosper says the XRP community will have to wait until July or August September for Judge Torres’ final decision.
XRP Price it now trades near $0.52, up nearly 1% over the past 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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