XRP is currently in the eye of a fiery legal storm as the Ripple vs SEC case rages on. Despite the intense pressure, its price has managed to hold steady at $0.55, with a surge in trading volume signaling a surge of excitement among investors. The verdict of this high-stakes battle will undoubtedly have a ripple effect on Ripple and the entire crypto landscape.
Amidst the ongoing legal feud between Ripple and the U.S. Securities and Exchange Commission (SEC), the battle has taken an unexpected turn. In a bold move, Ripple has filed a motion to strike a declaration from the SEC’s expert witness, Andrea Fox, citing procedural misconduct.
This declaration, which was submitted after the deadline for remedies discovery, has been used by the SEC in their recent brief. Ripple contends that this late submission has greatly hindered their case and has requested that it be disregarded.
Defending against the SEC’s proposed penalties, Ripple boldly argues for the court to reject their injunction, disgorgement, and pre-judgment interest demands. With confidence, Ripple asserts that the SEC’s accusations of fraud and recklessness lack substantial evidence, and suggests a more reasonable civil penalty of a mere $10 million.
Lawyer’s Insight
Amidst the legal battle between Ripple and the SEC, a bold move has been made to strike down the Fox declaration. This strategic move by Ripple raises concerns about the SEC’s adherence to proper court procedures and the overall fairness of the legal proceedings.
In a show of solidarity, prominent lawyers such as Bill Morgan and James Murphy have joined forces with Ripple, stressing the potential consequences this could have on the outcome of the case.
Exciting news from the legal world as Ripple may have found a powerful ally in Judge Torres, who could potentially help them avoid disgorgement in the Govil case. Renowned legal expert Bill Morgan has shared this intriguing possibility, sparking a wave of speculation and anticipation.
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But while some, like James Murphy, predict a swift resolution within 60 to 90 days after the final brief, others, like the sharp-witted Attorney Jeremy Hogan, foresee the case stretching into the next year due to potential appeals. The stakes are high and the outcome uncertain, making this a case to watch closely.
Defying the SEC’s demands for a staggering $2 billion in fines for their past institutional sales, Stuart Alderoty, the bold and outspoken General Counsel of Ripple, took a stand on the opposing side. With fervent conviction, he pointed out the lack of any accusations or evidence of wrongdoing or deceit, proudly declaring Ripple’s victory on crucial matters.
Alderoty views the SEC’s demand as a blatant display of their relentless bullying tactics towards the entire cryptocurrency realm in America. However, he remains unfazed and optimistic, trusting that the judge will handle the upcoming stage of determining the appropriate solutions with impartiality.