Ripple vs. SEC: Weak Arguments in Reply Brief, Stablecoin Attack, and Expert Witness Decision Awaited
The U.S. Securities and Exchange Commission’s arguments in the ongoing lawsuit against Ripple have been deemed weak by Ripple’s Chief Legal Officer, Stuart Alderoty. In a much-awaited reply in support of its motion for remedies and final judgment, the SEC failed to impress Alderoty, who criticized the regulator for not faithfully applying the law.
One of the key points of contention in the SEC’s arguments is Ripple’s planned stablecoin. The SEC has raised concerns about Ripple’s stablecoin plan and has requested an injunction based on assumptions of future violations by the company. However, XRP expert Ashley Prosper believes that a ruling on Binance’s motion to dismiss could impact the SEC’s position on stablecoins, potentially benefiting Ripple in the lawsuit.
Ripple is now awaiting a decision on expert witnesses and remedies in the case. Lawyer James Murphy has criticized the SEC’s reply brief, suggesting that Judge Torres may dismiss part of the SEC’s motion for fines. Ripple is also seeking a ruling on a motion to strike an expert witness, with pro-XRP lawyers predicting a final ruling to come within the next 60 to 90 days.
Despite the ongoing legal battle, XRP’s price has remained relatively stable, trading near $0.52. The XRP community will have to wait until July or August, possibly even September, for Judge Torres’ final ruling on the case. Stay tuned for more updates on this developing story.
