Latest Developments in the Ripple vs. SEC Case: SEC Responds to Ripple’s Latest Filing
The Ripple vs. SEC case continues to heat up as the Securities and Exchange Commission has filed its response to Ripple’s latest filing. In a significant development, the SEC has countered Ripple’s references to the SEC vs. Binance case, arguing that the ruling in that case is irrelevant to the ongoing litigation against Ripple.
Defense attorney James Filan shared the latest court filing, revealing that the SEC claims Ripple selectively cited a portion of the Binance ruling to argue against facing severe penalties. The SEC emphasized that Ripple omitted a crucial part of the ruling, stating that the fair notice doctrine does not protect against liability.
The SEC also pointed out that the crypto industry had been informed of regulatory expectations through the 2017 DAO report, which preceded most of Ripple’s XRP sales. The SEC reminded the court that Ripple had received legal advice about potential issues with its sales, indicating awareness of possible legal violations.
The dispute over penalties continues, with Ripple arguing for a penalty not exceeding $10 million, while the SEC has suggested a staggering $2 billion penalty. Former SEC official John Reed Stark described the Binance ruling as a significant loss for the exchange.
Judge Amy Berman Jackson referenced the Programmatic Sales of XRP ruling, agreeing with the Ripple Labs court’s approach, which found the SEC’s stance inconsistent with Supreme Court directives.
The question now is whether this will be the final court filing in the SEC vs. Ripple case. The ongoing legal battle has captured the attention of the crypto community, with both sides presenting strong arguments. The outcome of this case could have far-reaching implications for the future of cryptocurrency regulation in the United States.
With billions of dollars at stake, this case is far from over. Stay tuned to Coinpedia for the latest updates on this high-stakes legal battle.
