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Ripple v. SEC case update as of July 3, 2024

Ripple v. SEC case update as of July 3, 2024

As the cryptocurrency community still awaits the conclusion of the ongoing courtroom standoff between the United States Securities and Exchange Commission (SEC) and blockchain company Ripple, decisions in other similar cases continue to serve as arguments.

Specifically, Ripple’s legal team has filed a notice of supplemental authority regarding the recent decision in the SEC’s case against one of the largest crypto exchanges in the world, Binance, in which the court observed problems with the regulatory agency’s current practices.

Indeed, as Ripple pointed out, the June 28 Memorandum Opinion and Order in the Binance case supports its argument that there is a lack of regulatory clarity regarding crypto assets, according to a document shared by a defense attorney and popular commentator on the case, James K. Filan, in an X post on July 2.

“[I]ntangible digital assets do not fit neatly into the rubric set forth in the mere seven pages that comprise the Howey opinion. Also, the agency’s decision to oversee this billion-dollar industry through litigation – case by case, coin by coin, court after court – is probably not an efficient way to proceed, and it risks inconsistent results that may leave the relevant parties and their potential customers without clear guidance.”

On top of that, the blockchain company’s legal team highlighted in its conclusion the fact that, in the case of Binance, the “SEC did not even allege recklessness as to Ripple in its Complaint,” referring to the SEC’s accusations of “fraud and recklessness” from Ripple’s side regarding the sale of XRP tokens.

As a reminder, in one of the previous updates, Ripple used the SEC’s case against Terraform Labs, arguing that the “proposed consent order requires Terraform to pay $3,586,875,883 in disgorgement,” as well as a “$420,000,000 civil penalty,” which proves the “unreasonableness of the civil penalty sought” in the Ripple/XRP case.

Possible ‘ripple’ effect on XRP

Meanwhile, XRP, which has been part of every Ripple news report and at the very center of the prolonged legal battle, was at press time changing hands at the price of $0.48, up 0.35% on the day, as well as gaining 1.72% across the week, as it moves to reverse the losses of 7.51% accumulated across the past month, possibly helped by the recent update.

As it happens, the crypto community has been carefully following any Ripple XRP news, including the Ripple v. SEC case updates, for insights as to the direction in which the price of this token could move as a response to meaningful developments. That said, doing one’s own research is critical when investing in it.

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