Wed, May 08, 2024 at 04:36
Hello Annie, I have some interesting news to share about the ongoing Ripple case.
Earlier this week, the U.S. Securities and Exchange Commission (SEC) submitted its supporting remedies brief, which is now available to the public.
Oh, I've heard about that case.
Ripple has been in a legal battle with the SEC since 2020, right?😮
Yes, that's correct.
The SEC has been arguing that Ripple's XRP token is a security and therefore falls under its jurisdiction.
In this latest brief, the SEC counters Ripple's arguments that it hasn't acted recklessly and there shouldn't be any widespread uncertainty regarding the legal status of XRP.
Hmm...
But didn't Ripple argue that they have been cooperating with the SEC since their initial coin offering in 2013?🤔
Indeed, Ripple has tried to downplay its liability while highlighting its cooperation with the SEC.
However, the SEC emphasized in their latest brief that even if Ripple refrained from any violations since 2020, there is still a possibility of anticipating another violation.
Wow!
So, even if they promise not to commit any more violations or stop their illegal activities, they could still be held liable?
That seems harsh.😕
Yes, according to the SEC's stance.
They argue that the potential for further violations remains even if the defendant promises not to commit them again or stops their unlawful activities.
This is based on the type of violations committed.
I see... And what does Ripple say about this?
Ripple's Chief Legal Officer, Stuart Alderoty, has criticized the SEC's approach, stating that they continuously fail to apply the law faithfully.
He also added that they are closer than ever to putting this lawsuit behind them.
That's good news for Ripple, isn't it?😊 But when can we expect a final judgment?
Analysts believe that a final judgment in the Ripple vs SEC case won't arrive until September.
However, despite the ongoing legal battle, analysts remain hopeful of the XRP price resurgence and expect it to surge all the way to $10.
Wow!
That's quite a prediction.
So, would you say this news is good or bad?
And what impact could it have on the market?
In my view, this news can be seen as positive.
Despite the ongoing legal battle, Ripple's optimism and the analysts' positive outlook for XRP price suggest potential growth.
As for the market impact, it could lead to increased investor confidence in XRP and potentially drive its price up.
Upon comprehensive consideration, this news is perceived as a 😍Bullish.