- The Securities and Exchange Commission (SEC) has submitted its remedies reply brief in its ongoing legal battle with Ripple Labs, marking a pivotal moment in the litigation.
- The SEC’s brief advocates for a permanent injunction restricting Ripple’s future sales of XRP, particularly to its On-Demand Liquidity (ODL) customers.
- Ripple’s Chief Legal Officer, Stuart Alderoty, has criticized the SEC’s approach, expressing trust in the Court’s fair approach to the remedies phase.
The SEC has submitted its final brief in the Ripple lawsuit, advocating for a permanent injunction on Ripple’s XRP sales. Ripple’s Chief Legal Officer criticizes the SEC’s approach, expressing optimism for a fair Court decision.
SEC Files Final Brief As Decision Day Looms For Ripple
The SEC has submitted its remedies reply brief in its ongoing legal battle with Ripple Labs. This filing is the final brief before Judge Torres will make her remedies ruling. Pro-XRP lawyer Bill Morgan provided a comprehensive breakdown of the SEC’s final brief, highlighting the potential ramifications for Ripple and its operations.
SEC Advocates for Permanent Injunction on Ripple’s XRP Sales
The SEC’s reply brief strongly advocates for a permanent injunction that would restrict Ripple’s future sales of XRP, particularly to its ODL customers. The SEC asserts that Ripple has abandoned several defenses it previously claimed, indicating a strategic retreat by Ripple in the face of unfavorable legal analysis and precedents.
Ripple’s Response to SEC’s Filing
In response to the SEC’s filing, Ripple’s Chief Legal Officer, Stuart Alderoty, expressed strong dissent, criticizing the SEC for its approach. Alderoty also made a pointed critique of the SEC’s respect for international regulatory frameworks. Financially, the stakes are high. The SEC is pursuing fines and penalties that could total around $2 billion, while Ripple has proposed a maximum penalty of just $10 million.
Conclusion
The SEC’s final brief in the Ripple lawsuit marks a significant development in the case. The SEC’s advocacy for a permanent injunction on Ripple’s XRP sales could have serious implications for the company. However, Ripple remains optimistic, trusting in the Court’s fair approach to the remedies phase. The outcome of this case could set a precedent for future regulatory actions in the crypto space.
