Ripple’s legal showdown with the SEC enters final argument! Results will be available in September

This site (120bTC.coM): The ongoing legal war between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) that began in 2020 has reached a critical moment, and the SEC has filed a lawsuit Final defense in the remedial phase. This will certainly set a milestone for cryptocurrency regulation.

SEC Challenges Ripple’s Defense

The SEC recently issued a forceful response to Ripple’s addendum brief, in which Ripple argued that its conduct in handling XRP was not reckless, a point the SEC strongly argued refute.

Although this blockchain startup tried to refute "fair notice" (note: when the state wants to infringe on people's rights, based on due process, the victimized people should be given proper notice in advance), this Previously dismissed by the courts, the SEC still maintains that there is ongoing legal ambiguity over XRP’s legal status.

SEC: Ripple has not committed another violation, but that does not mean it will not happen in the future

According to the SEC, although Ripple has not committed any violations since the lawsuit began, the possibility of future violations still exists.

The SEC criticized Ripple for trying to minimize its liability while touting its cooperation with regulators since the XRP initial coin offering in 2013. Ripple’s claim that it would restructure future XRP sales to comply with legal guidance was deemed misleading by the SEC, indicating that Ripple misunderstood the court order and its compliance requirements.

Questioning Ripple’s strategy, to no avail

The SEC’s defense also raised questions about Ripple’s claims about its sales strategy, particularly its efforts to sell and sell products outside the United States. Qualified Investors Propose Sales. These defenses were apparently abandoned at the summary sentencing stage.

Additionally, the SEC rejected Ripple’s claims of contract adjustments regarding on-demand liquidity sales, arguing that these contracts still violated certain regulations.

SEC Still Advocates for Injunction

The SEC filing advocates for an injunction against Ripple to prevent future legal violations, countering Ripple’s optimism about its compliance and restructuring efforts. Regulators are skeptical that Ripple can fully comply with established legal standards.

Ripple responds to SEC’s criticism: self-destructive reputation

In contrast, Ripple’s legal chief Stuart Alderoty criticized the SEC’s approach, believing that it harmed the SEC’s role in having a more developed cryptocurrency framework. Reputation among international regulators. Alderoty remains hopeful for a solution that would benefit Ripple.

Final verdict coming in September

As Ripple prepares to expand its business in Japan through its partnership with HashKey DX, the crypto community is waiting with bated breath for a final verdict around September. This case will not only affect Ripple and XRP, but will also set a precedent for how cryptocurrencies are treated under U.S. securities laws.

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