{"id":13883,"date":"2024-10-15T09:32:34","date_gmt":"2024-10-15T09:32:34","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=13883"},"modified":"2024-10-15T09:32:34","modified_gmt":"2024-10-15T09:32:34","slug":"ripple-v-sec-lawsuit-big-developments-this-week","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=13883","title":{"rendered":"Ripple v. SEC Lawsuit: Big Developments This Week?"},"content":{"rendered":"

TL;DR<\/strong><\/p>\n

Ripple\u2019s legal battle with the SEC continues, with key rulings in August and ongoing appeals.
\nSpeculation surrounds Ripple\u2019s Swell event in Miami, with potential major announcements that could impact XRP\u2019s price.<\/p>\n

<\/a><\/span><\/h2>\n

Recent Updates and Possible Developments<\/h2>\n

Despite <\/span>the<\/span> numerous court rulings in the past several months, the legal battle between Ripple and the US Securities and Exchange Commission (SEC) <\/span>goes on<\/span>.<\/span><\/p>\n

One of the most important happened at the start of August when Judge Torres\u00a0<\/span>determined<\/span><\/a> that the sales of XRP on secondary markets to retail investors did not constitute securities transactions. At the same time, though, she ordered Ripple to pay a $125 million fine for violating <\/span>certain<\/span> rules.\u00a0<\/span><\/p>\n

The company seemed pleased with the penalty, <\/span>which represented<\/span> just a fraction of the $2 billion the SEC initially requested. For its part, the regulator <\/span>appealed<\/span><\/a> a 2023 verdict set by Judge Torres (back then, she once again ruled that secondary sales of XRP did not constitute securities sales).\u00a0<\/span><\/p>\n

Last week, Ripple\u2019s CLO Stuart Alderoty <\/span>said<\/span><\/a> the firm filed a cross-appeal \u201cto ensure nothing\u2019s left on the table, including the argument that there can\u2019t be an \u201cinvestment contract\u201d without there being essential rights and obligations found in a contract.\u201d<\/span><\/p>\n

He noted that the agency has already stated that it doesn\u2019t contend with the ruling that XRP <\/span>itself<\/span> isn\u2019t a security. \u201cThey even apologized in another case for suggesting a token itself could be a security,\u201d the executive added.<\/span><\/p>\n

Most recently, X user Ashely PROSPER <\/span>shed<\/span><\/a> further details regarding the specifics of the appeal process:<\/span><\/p>\n

\u201cAfter the appeal <\/span>is docketed<\/span>, the clerk refers the case to the CAMP office <\/span>for the scheduling of<\/span> a settlement conference. The conference takes place in the CAMP office or by telephone\u2026<\/span><\/p>\n

Counsel\u2019s appearance at the conference is required, and counsel must be prepared<\/span> to discuss the legal, factual, and procedural issues in depth. <\/span>An attorney or client who fails to participate in the conference process in good faith <\/span>may <\/span>be sanctioned<\/span> by the Court<\/span>.\u201d<\/span><\/p>\n

The X user also said the SEC has until October 16 to reveal what it is <\/span>actually<\/span> appealing against. Interestingly, the deadline coincides with the same day Ripple Swell (the company\u2019s annual flagship event) ends.<\/span><\/p>\n

Various Speculations<\/span><\/h2>\n

This year, Ripple Swell will take place in Miami, Florida. The company <\/span>revealed<\/span><\/a> some of the preparations on X, while CEO Brad Garlinghouse welcomed the XRP Army to the eighth annual event.\u00a0<\/span><\/p>\n

This<\/span> caused a wave of speculation that Ripple would announce some major news during the gathering. Some guesses include an official launch of the firm\u2019s US-pegged stablecoin RLUSD or a new strategy in the battle against the SEC.<\/span><\/p>\n

Such developments could significantly impact XRP\u2019s price, which has struggled to catch up with the rest of the leading cryptocurrencies lately. Currently, it trades at around $0.54 (per CoinGecko\u2019s data), representing a 13% decline on a two-week scale.
\n<\/span><\/p>\n

<\/a>XRP Price, Source: CoinGecko<\/p>\n

\u00a0<\/span><\/p>\n

The post Ripple v. SEC Lawsuit: Big Developments This Week?<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

TL;DR Ripple\u2019s legal battle with the SEC continues, with key rulings in August and ongoing appeals. Speculation surrounds Ripple\u2019s Swell event in Miami, with potential major announcements that could impact XRP\u2019s price. Recent Updates and Possible Developments Despite the numerous court rulings in the past several months, the legal battle between Ripple and the US […]<\/p>\n","protected":false},"author":0,"featured_media":13884,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-13883","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/13883"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=13883"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/13883\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/13884"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=13883"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=13883"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=13883"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}