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Ripple May Contain SEC Attacks on Stablecoin with Binance Decision
The U.S. Securities and Exchange Commission’s arguments in the long-awaited response in support of its remedial proposal and final ruling turned out to be weak. CLO Ripple Stuart Alderoty even cited it as “More of the same from the SEC – failing to faithfully apply the law and trying to mislead the judge.” He suggested an end to the long-running process and believes the court will approach the reparation phase fairly.
US SEC Attacks Ripple’s Planned Stablecoin
The SEC asked the court to introduce the requested injunctions based on assumptions of infringement by Ripple in the future. The securities regulator has attacked Ripple’s stablecoin plan to argue that an injunction is necessary.
XRP Expert Ashley Prosperous states that a decision on Binance’s motion to dismiss could come at any time and Judge Jackson will likely rule that BUSD It is not security. Interestingly, Binance argued that a US DOJ order in the Mango Markets lawsuit contradicts the SEC’s position that BUSD and other stablecoins are unregistered securities, as reported exclusively by CoinGape.
The court’s opinion and ruling in the Binance lawsuit will benefit Ripple in countering the SEC’s claims that the new stablecoin is an unregistered crypto asset. The SEC continues to view Ripple’s programmatic XRP sales and post-2020 ODL sales as unregistered securities law violations.
Read too: XRP Lawyer Reveals EAD Contract Terms and Potential Legal Impact
Ripple Awaits Ruling on Expert Witnesses and Solutions
Attorney James Murphy criticized the US Seconds brief response, stating that it adds nothing significant to the argument that institutional investors suffered pecuniary harm. He revealed that the SEC’s request for $2 billion in fines will likely be rejected in part by Judge Torres because he cited a decision with a “not for publication” designation as precedent.
However, he does not rule out the possibility of Judge Torres following iFresh’s reasoning. Additionally, it is possible for the Judge to schedule a hearing to resolve unanswered questions about the parties’ positions.
Meanwhile, Ripple is also seeking a court ruling on a motion to attack an expert witness. Pro-XRP Lawyers Claim Judge Will Accept Fox Declaration provide some expert evidence and ask Ripple’s lawyers to depose it.
Furthermore, XRP Lawyers predicted that a final decision would occur substantially faster than summary judgment decisions, within 60 to 90 days after the last summary. Similarly, Ashley Prosper claims that the XRP community will have to wait until July or August, even September for Judge Torres’ final decision.
XRP Price it now trades near $0.52, up almost 1% in the last 24 hours. The 24-hour low and high are $0.509 and $0.528, respectively. Trading volume remains low on spot exchanges.
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