All news is rigorously fact-checked and reviewed by leading blockchain experts and seasoned industry insiders.
- The SEC accuses Ripple of engaging in practices similar to those of previous violations.
- A potential SEC appeal could add further twists to the ongoing legal battle.
A new development in the continuous legal dispute between Ripple and the U.S. Securities and Exchange Commission (SEC) has seen the SEC react to Ripple’s most recent filings pertaining to the Consent Judgment, as echoed by crypto enthusiast Jack The Rippler.
🚨BREAKING: The SEC has responded to @Ripple's letter regarding the TerraForm Labs Consent Judgment!
It seems like the SEC is asking for a $102.6 million settlement. #XRP
💥 SETTLEMENT INCOMING! 💥 pic.twitter.com/NJFZHzuWty
— JackTheRippler ©️ (@RippleXrpie) June 15, 2024
SEC Accuses Ripple of Similar Practices
Attorney Bill Morgan for XRP revealed that the SEC charges Ripple with “awfully similar” actions to earlier infractions. This charge further complicates the already complex dispute between XRP and the SEC and the legal environment for Ripple’s On-Demand Liquidity (ODL) service.
The SEC asserts that Ripple continues to engage in conduct “awfully similar” to the conduct that resulted in the violation in the first place. There is a warning but what can the Judge do with that as the record before her does not allow her to decide if Ripple’s current ODL… https://t.co/agrTohdpzy
— bill morgan (@Belisarius2020) June 14, 2024
The SEC asserts that Ripple’s ODL sales methods now in use are identical to those that were previously found to be illegal. The court lacks thorough records to ascertain if these sales are against current laws, notwithstanding the SEC’s warnings.
As this continuous conflict develops, legal experts project that the SEC v. Ripple Labs case’s final ruling may be released in July.
The possibility that the SEC would appeal the July summary judgment further complicates the legal discussion. One of the primary points of dispute is still Judge Torres’s decision that XRP programmatic sales are not security contracts. With further legal tangles possible, the continuous ambiguity puts both sides on edge.
At the time of writing, XRP was valued at roughly $0.4787, up 0.21% over the previous 24 hours, according to CoinMarketCap data. With a decline of 4.13% during the previous seven days, this does, however, also indicate a bearish position.
Ripple has also supported Terraform Labs, as CNF previously reported, calling the SEC’s $4.47 billion penalties irrational.
