GET 10% OFF ON YOUR FIRST ORDER. FOR A LIMITED TIME ONLY. Use code: WELCOME on checkout
News

Important Ripple v. SEC Lawsuit Update May 30: Details

TL;DR

  • Ripple filed to seal data related to the SEC’s motion, arguing that its financial statements are irrelevant to the case, while the regulator claims they are crucial.
  • The watchdog sued the firm in 2020 for raising $1.3 billion in unregistered securities. The lawsuit is now in trial, with Ripple having secured some partial court wins.

The Latest Development

After a period of relative inactivity, the legal battle between the United States Securities and Exchange Commission (SEC) and Ripple escalated again. Most recently, the company filed a reply letter in further support of its motion to seal data related to the regulator’s motion for judgment and remedies. Initially, Ripple sought to seal and redact some evidence and financial documents, but the SEC opposed the move. 

“The Court should deny Ripple’s request to conceal financial and securities sales information because that information constitutes “judicial documents” as it is at the heart of the arguments the parties have presented in support of their remedies motion and could, therefore, tend to influence the Court’s remedies decision,” the agency stated earlier this month.

America’s securities regulator insists that such data could give more clarity about Ripple’s XRP sales from years ago and play a key role in the legal process. According to the company, though, historical contracts have “no continuing relevance” because it has enforced certain amendments on its XRP sales procedures:

“Ripple is no longer selling XRP through over-the-counter transactions with the characteristics that the Court determined were “Institutional sales” at summary judgment. Ripple’s current sales of XRP to customers for use in connection with Ripple’s ODL product do not have any of the relevant terms of over-the-counter contracts, such as discounts offered to sophisticated counterparties.”

A Brief Summary of the Lawsuit

The legal spat between the entities started in December 2020 when the SEC accused Ripple of illegally raising more than $1.3 billion in an unregistered securities offering by selling XRP. The battle passed through numerous developments in the following years, reaching its trial phase in April 2024.

Both parties presented necessary documents and briefs to magistrates, and according to American lawyer Jeremy Hogan, they now await the judge’s ruling.

Some believe Ripple has the upper hand in the lawsuit due to securing three vital (yet partial) court wins last year. XRP’s price rallied after each triumph, meaning a decisive victory for the company may positively impact the asset. If you are curious to learn more about the case and its potential influence on XRP’s valuation, please check our dedicated video below:

 

The post Important Ripple v. SEC Lawsuit Update May 30: Details appeared first on CryptoPotato.

Latest Press

post-thumbnail
News
2 hours ago
Meet 2024’s 5 Trending Crypto Presales: A Golden Chance You Can’t Miss
The cryptocurrency world is vibrant with new and exciting projects emerging, all set to revolutioniz...
READ MORE
post-thumbnail
News
2 hours ago
Get Ready for Lift Off: The 5 Best Cryptos Transforming Fortunes in 2024
As the digital currency realm expands, investors are continuously on the hunt for the next big thing...
READ MORE
post-thumbnail
News
2 hours ago
Bearish Sentiment Dominates XRP as Short Positions Surge
Santiment shows that a large number of short positions have been entered against XRP and ADA, with a...
READ MORE
post-thumbnail
News
2 hours ago
Ripple News: XRP Ledger’s AMM TVL Jumps to $7.7 Million Amid Rapid Growth
The XRP Ledger AMM total value locked (TVL) has sustained a steady uptrend reaching over $7.7 millio...
READ MORE
post-thumbnail
News
2 hours ago
Solana ETF Hype: Top Coins for High Returns Revealed
Solana (SOL) Exchange Traded Fund is reportedly in the pipeline as a digital asset manager makes its...
READ MORE
post-thumbnail
News
2 hours ago
Smart Money Trader Stakes 14 Billion Floki Inu Tokens, Signals Strong Bullish Sentiment
A smart money trader, identified as 0x403, staked 14 billion Floki Inu (FLOKI) tokens valued at $2.3...
READ MORE
default post thumbnail
News
2 hours ago
Polkadot ($DOT) Tumbles Amid Wider Market Downturns
The past week saw the overall crypto market drop, with the total cap dropping to some of its lowest ...
READ MORE
default post thumbnail
News
2 hours ago
Decoupling: Stock Markets Tapping New Highs Last Week but BTC and ETH Suffer
The cryptocurrency industry is often described as a risk-on asset class that tends to underperform i...
READ MORE
default post thumbnail
News
2 hours ago
Could Uphold’s Tether Delisting Signal Trouble for USDT in Europe?
A popular New York-based crypto exchange, Uphold, announced the delisting of six stablecoins in resp...
READ MORE

Publish an article now

Unlock the power of media for instant visibility to the target audience, major SEO boost, greater website traffic and conversion rates.

click here to get started