The post Ripple Vs. SEC lawsuit: SEC Claims Ripple is Wrong, Here’s Why? appeared first on Coinpedia Fintech News
The SEC vs Ripple case took a new turn when the SEC replied firmly to Ripple’s recent objections in court. The SEC disagrees with Ripple’s claim that their motion was untimely, stating that it’s a regular part of dealing with violations of securities laws. They highlight the importance of facts after the complaint for finding fair solutions, opposing Ripple’s view that this information doesn’t matter for court decisions.
Regarding Ripple’s hesitation in sharing specific contracts in a new court hearing, the SEC explains that these contracts are crucial for predicting if Ripple might break the rules again and ensuring they follow the court’s judgment.
This action by the SEC raises doubts about where this case is going or whether it’s a dumb attempt to drag it out. The SEC also disagrees with Ripple’s claims that its financial situation has nothing to do with the penalties it faces, pointing to past cases where a defendant’s wealth was considered when deciding on punishments meant to discourage future behavior.
The SEC says that Ripple’s procedural objections are not valid and has the right to specific information about Ripple’s finances and post-complaint sales contracts so that it can make smart decisions about fines and remedies.
Moreover, SEC firmly rejects Ripple’s objections, emphasizing their right to get specific information about Ripple’s money situation and certain contracts to make fair decisions about penalties.
A jury trial in Q2 2024?
In a legal fight that began when the SEC accused Ripple of selling digital assets without proper registration in December 2020, Ripple won a crucial victory in July 2023. The judge ruled that Ripple’s sales of XRP weren’t investment contracts.
This marked a big moment, showing Ripple standing up against regulatory overreach. As we head towards a jury trial in Q2 2024, the big question is whether Ripple’s leaders allowed the sale of unregistered securities.
It’s not just about Ripple; the trial could set rules for the whole crypto world. Ripple’s recent pushback is more than a legal move; it’s a statement against too much regulation and a call for fair rules in the crypto space. The SEC’s recent move and Ripple’s bold response add another chapter to this legal story, with the remedies phase happening now and all eyes on the February 12, 2024 deadline for the discovery phase.