Ripple’s CLO Criticizes SEC’s Response in XRP Lawsuit: Key Highlights (XRP)

• The SEC has stated that Ripple’s lack of violations since the XRP lawsuit in 2020 does not guarantee the prevention of future violations.
• The SEC has rejected Ripple’s changes, deeming them insufficient, while Ripple’s CLO criticizes the SEC for failing to apply the law faithfully.
• The SEC’s remedies brief and Ripple’s response highlight the ongoing tension between the two parties.

As the SEC continues to scrutinize Ripple’s actions, the future of XRP remains uncertain. This article delves into the recent developments in the ongoing Ripple vs SEC case.

SEC’s Stance on Ripple’s Future Conduct

The U.S. Securities and Exchange Commission (SEC) recently submitted a supporting remedies brief, asserting that Ripple could potentially repeat its past actions. This is despite Ripple not having violated any rules since the XRP lawsuit filed in 2020. The SEC has countered Ripple’s arguments that it hasn’t acted recklessly and that there shouldn’t be any “widespread uncertainty” regarding the legal status of XRP.

Ripple’s Response to the SEC’s Remedies Brief

Ripple has attempted to minimize its liability by highlighting its cooperation with the SEC since the 2013 XRP ICO. However, the SEC maintains that even if Ripple has refrained from any violations since 2020, there is still a possibility of future violations. The SEC argues that Ripple’s changes to prevent future violations are insufficient, and the potential for further violations remains.

Ripple CLO Criticizes the SEC

Following the SEC’s filing of the remedies brief, Ripple’s Chief Legal Officer, Stuart Alderoty, accused the SEC of failing to apply the law faithfully. He expressed optimism about putting the XRP lawsuit behind them, despite analysts predicting that a final judgment won’t arrive until September. Alderoty also criticized the SEC’s low regard for financial regulators outside the U.S. who have developed thorough crypto licensing frameworks.

Conclusion

The ongoing Ripple vs SEC case continues to create uncertainty for XRP. With the SEC maintaining its critical stance and Ripple defending its actions, the future of XRP remains in the balance. As the crypto community eagerly awaits the final judgment, the outcome of this case could have significant implications for the broader crypto market.