The Ripple Inc. v. SEC case enters a pivotal week as Ripple Institute’s legal team prepares to file a counter-brief in response to the U.S. Securities and Exchange Commission’s relief brief. Ripple plans to file a confidential response on April 22nd as the SEC asks Judge Torres for a final judgment and a fine of approximately $2 billion. A redacted version of the application could be published in the coming days. Latest news on Ripple outperforming his SEC: Opposition brief, big valuation of XRP open interest.
US SEC seeks $2 billion fine at relief briefing
US SEC begins seeking final judgment against Ripple for disgorgement of $876,308,712, prejudgment interest of $198,158,940, and civil penalties of $876,308,712 A relief-related preparation document was submitted. The SEC alleged that a total of $1,950,768,364 was in effect for making an unregistered offering of XRP for sale to institutional investors, in violation of Section 5 of the Securities Act of 1933.
Ripple executives expressed outrage that the SEC deemed the roughly $2 billion fine fair enough without alleging any wrongdoing or valid contracts. A settlement conference between the parties at the end of March failed to resolve the dispute, and Ripple CLO Stuart Alderroti has filed eight major crypto lawsuits that the SEC has lost. “Something is broken,” he said.
Ripple’s response to the US SEC at the bailout-related briefing
Ripple will submit a redacted version of its counter-preparation, along with a counter-declaration and supporting evidence. April 22nd In the Ripple v. SEC case. Materials designated as confidential or highly confidential by the SEC remain sealed. Ripple may also submit public versions of exhibits pursuant to previous protective orders.
Following a meeting between the parties on April 23, Ripple plans to publish a redacted version of its objections. April 24th. Ripple’s lawyers plan to argue against the SEC’s request for a $2 billion fine despite plausible claims. Additionally, the parties may also discuss programmatic sales and secondary market sales, which Ripple’s original objections are expected to address next week.
Ripple will also cite the court’s decision in the Aaron Govil case, which found that “the SEC is not entitled to disgorgement from a seller if the buyer has not suffered any economic loss.” The SEC alleged that institutional investors suffered $480 million in damages due to discrimination. Additionally, Coinbase has made clear that it is selling on the secondary market, not securities, which could be included in the counter-preparation.
upon May 6th, the SEC will file its response under seal. In addition, parties and third parties have until May 20th to submit correspondence and objections related to the details regarding the sealing of documents.
Also read: Pro-XRP John Deaton appears as Amici advisor on Coinbase vs. SEC
XRP price soars ahead of Ripple’s SEC filing
Meanwhile, XRP price is trading above $0.5 and has risen more than 5% in the past 24 hours. Traders remain bullish on XRP as Ripple files a challenge to further clarify the next steps in the lawsuit. According to CoinGape Markets, if this positive trend continues, the cryptocurrency could soon reach the crucial $0.55 mark.
Open interest in XRP futures and options is rising after the Bitcoin halving. XRP futures OI It has risen 4% in the past 24 hours to over 1.06 billion and is up 3% in the past few hours, showing signs of reversing to $0.60. Although the current rate of increase is slightly low, a significant increase is expected after filing.
Also read: Bitcoin ETF: BlackRock, Fidelity show signs of recovery, GBTC outflows drop to $45 million
