News
The cryptocurrency lawyer identifies the crucial decision in the remedies phase
Continue reading U.TODAY
Google News
Like the legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC) heats up, the crypto community awaits the SEC’s response, expected today, May 6, 2024. This document is expected to be important in the remedies phase of the lawsuit.
On April 22, Ripple filed its brief opposing the U.S. Securities and Exchange Commission’s (SEC) request to pursue a fine of approximately $2 billion in the litigation.
“The Court should dismiss the SEC’s requests for injunctive relief, disgorgement, and pre-judgment interest, and should impose a civil penalty not to exceed $10 million,” Ripple said in the statement.
The SEC wanted the court to order Ripple to pay $876 million in disgorgement, $198 million in prejudicial interest, and a civil penalty of $876 million, for a total of $1.95 billion.
Legal analysts are carefully 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.
Second Bill Morganlawyer and XRP enthusiast, while the amount Ripple is ordered to pay is important, the decision on the SEC’s injunction request appears to be more important.
“I really look forward to seeing what the SEC says in its Reply Brief about Ripple’s argument that the permanent injunction should not be granted or, if granted, should be limited. Is the SEC really trying to permanently stop the Ripple sales to ODL customers,” Morgana wrote.
“In my opinion, the injunction decision is more important than the amount Ripple is ordered to pay,” Morgan added.
The crypto community is closely watching the outcome of the remediation phase in Cause of Ripple. A decision against Ripple could have negative implications, while a favorable outcome for Ripple would strengthen the positive sentiment in the cryptocurrency market.
About the author
Tomiwabold Olajide
Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analyzes and trading predictions on estimated market trends. Tomiwabold graduated from the University of Lagos.