when

The US Securities and Exchange Commission (SEC) filed its redacted remedies reply brief and supporting exhibits in the long running <a href="https://news.todayq.com/sec-vs-ripple-a-crucial-battle-crypto-industry/" rel="noopener noreferrer nofollow">XRP linked lawsuit</a>. Ripple’s Chief Legal officer raised some crucial questions about the filings and the commission’s way of applying the law. Ripple legal head criticize SEC 
Stuart Alderoty, Chief Legal Officer at Ripple, in a post commented that the SEC’s filling is more of the same. The commission has failed to faithfully apply the law and trying to pull the wool over the Judge’s eyes. He suggests that the watchdog is trying to trick the judge.
He mentioned that there is still a piece of good news coming out of this filing and that is that the case is closer than ever to its end. However, Alderoty added that it is unfortunate that many other crypto linked organisations are just starting their legal journey. He stated that they trust the court will approach the remedies phase fairly.
Ripple legal chief in another post rejected the SEC’s claim stating “And just when you think the SEC can’t sink any lower”. He added that if you are a financial regulator outside the US and have done the hard work of establishing comprehensive crypto licensing frameworks, know that the SEC has no respect for you and thinks you are handing out the equivalent of fishing licenses.
His such comments came from one of the SEC’s claims that directs that Ripple also assures the Court it need not be worried about whether Ripple could again violate the US securities laws by pointing to different licenses it has obtained from different jurisdictions. This includes those Ripple explains “Do not treat XRP sales as sales of securities.”
The commission in the filings stated that this argument is akin to saying a New York restaurant need not obtain a liquor license because it obtained a fishing license in California—is absurd. What’s next? 
The Ripple lawsuit saw the public, redacted versions on May 8, 2024. Following this, both parties will meet to identify redactions sought by each side and any third parties. After this on May 13, all parties will file omnibus letter motions to seal materials related to the remedies briefing. May 20 will see Ripple, SEC, and third parties filing opposition briefs.
It is expected that the filings ahead in the SEC vs Ripple case will impact the XRP price movement ahead. XRP is still trailing due to legal challenges.

Ripple’s legal head slams SEC, Are they playing fair in XRP lawsuit?

Todayq News

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