- Ripple’s XRP gains momentum as the US SEC’s arguments against the company’s stablecoin launch plan appear weak. A ruling in the Binance lawsuit could benefit Ripple’s counterarguments.
- The SEC’s attack on Ripple’s stablecoin plan is based on assumptions of future violations, which Ripple can counter with the court’s ruling in the Binance lawsuit.
- XRP price climbs as the market shows signs of recovery, trading near $0.52 with a 1% increase in the last 24 hours.
As Ripple counters US SEC’s attacks on its stablecoin launch plan, XRP price gains momentum. A ruling in the Binance lawsuit could further strengthen Ripple’s position.
Weak Arguments from US SEC
The U.S. Securities and Exchange Commission’s (SEC) arguments in support of its motion for remedies and final judgment against Ripple have been deemed weak. Ripple’s Chief Legal Officer, Stuart Alderoty, criticized the SEC for failing to apply the law faithfully and attempting to mislead the judge. He expressed optimism about the court’s fair approach to the remedies phase.
SEC’s Attack on Ripple’s Stablecoin Plan
The SEC requested the court to enter injunctions against Ripple based on assumptions of future violations. The regulator attacked Ripple’s stablecoin plan, arguing that an injunction is necessary. However, Ripple can counter the SEC’s claims with the court’s ruling in the Binance lawsuit, which is expected to establish that BUSD is not a security. This ruling could help Ripple argue that its new stablecoin is not an unregistered crypto asset.
Ripple’s Anticipation of Court Rulings
Ripple is awaiting court rulings on its motion to strike expert witness and on the remedies phase. The company’s lawyers believe that the judge will accept some expert evidence and ask them to depose the witness. They also predict a final ruling to come substantially quicker than the summary judgment rulings, possibly within 60 to 90 days after the last brief.
Conclusion
Ripple’s counterarguments against the US SEC’s attacks on its stablecoin launch plan are gaining strength. A ruling in the Binance lawsuit could further bolster Ripple’s position. Meanwhile, XRP price is showing signs of recovery, trading near $0.52 with a 1% increase in the last 24 hours.
