2024

Impact

James

<p>The post <a href="https://coinpedia.org/news/ripple-vs-sec-ripple-fights-back-with-a-filing-of-notice-of-supplemental-authority/" rel="noopener noreferrer nofollow">Ripple vs. SEC: Ripple Fights Back with a Filing Of Notice of Supplemental Authority</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a></p>
<p>The legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC) has been ongoing for over three and a half years. In the latest development, the SEC has significantly <a href="https://coinpedia.org/news/ripple-vs-sec-lawsuit-can-2b-fine-be-reduced-will-terraform-labs-settlement-influence-outcome/" rel="noopener noreferrer nofollow">reduced its penalty demand from $2 billion</a> to $102 million.&nbsp;</p>
<p>Despite this, Ripple has rejected the SEC’s offer and instead filed a Notice of Supplemental Authority, as shared by Defense Attorney James Filan.</p>
<h2 class="wp-block-heading" id="h-ripple-filed-a-notice-of-supplemental-authority">Ripple Filed a Notice of Supplemental Authority</h2>
<p>On July 2, 2024, Ripple Labs <a href="https://x.com/FilanLaw/status/1808211867367886945" rel="noopener noreferrer nofollow">submitted a Notice of Supplemental Authority</a> in the court of Judge Analisa Torres. This is important because it is related to Ripple’s opposition to the SEC’s motion for remedies and final judgment.&nbsp;</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/XRPCommunity?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#XRPCommunity</a> <a href="https://twitter.com/hashtag/SECGov?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#SECGov</a> v. <a href="https://twitter.com/hashtag/Ripple?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Ripple</a> <a href="https://twitter.com/hashtag/XRP?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#XRP</a> <a href="https://twitter.com/Ripple?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@Ripple</a> has filed a Notice of Supplemental Authority regarding the recent Binance decision.<a href="https://t.co/tSEQXTxrWU" rel="noopener noreferrer nofollow">https://t.co/tSEQXTxrWU</a></p>— James K. Filan <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f1fa-1f1f8.png" alt="🇺🇸" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f1ee-1f1ea.png" alt="🇮🇪" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@FilanLaw) <a href="https://twitter.com/FilanLaw/status/1808211867367886945?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 2, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<p>Ripple is using <a href="https://coinpedia.org/news/binance-vs-sec-binance-us-ready-to-fight-back-in-the-court-room/" rel="noopener noreferrer nofollow">Binance’s recent legal</a> win to challenge the SEC’s approach, arguing that the SEC’s methods lack clear rules and consistency, and need formal rulemaking.</p>
<p>In the notice, Ripple stressed that intangible digital assets do not fit well into the framework set by the Howey test, a seven-page opinion used to decide what is security. Ripple criticized the SEC’s strategy of regulating the industry through court cases, saying this method risks inconsistent results and does not give clear guidance to market players.</p>
<h2 class="wp-block-heading" id="h-expected-sec-s-response">Expected SEC’s Response</h2>
<p>The SEC is expected to respond to Ripple’s Notice of Supplemental Authority, likely <a href="https://coinpedia.org/news/terraform-labs-to-settle-sec-dispute-with-4-47-billion-payment/" rel="noopener noreferrer nofollow">referencing the SEC vs. Terraform Labs ruling</a>. In that case, Judge Rakoff ruled that Terraform Labs and its founder, Do Kwon, broke US securities laws by not registering TerraUSD and Luna as securities.&nbsp;</p>
<p>Judge Rakoff also referenced the Programmatic Sales of XRP ruling, suggesting that Judge Torres might have made a mistake in her ruling.</p>
<h2 class="wp-block-heading" id="h-impact-on-xrp-price">Impact on XRP Price</h2>
<p>The result of this <a href="https://coinpedia.org/news/ripple-vs-sec-what-to-expect-next-in-the-ongoing-legal-battle/" rel="noopener noreferrer nofollow">lawsuit is expected to cause</a> significant changes in the price of Ripple’s native token, XRP, and the wider cryptocurrency market. A win for Ripple could trigger an XRP rally, as seen after Ripple’s partial victory last year. On the other hand, a win for the SEC might lead to a drop in the crypto market.</p>
<p>Currently, XRP’s price has seen a small rise of 0.5%, trading at $0.4792 with a market cap of $26.68 billion. This is still below its recent high of $0.52, which was influenced by the news of the potential approval of an Ethereum ETF.</p>

Ripple vs. SEC: Ripple Fights Back with a Filing Of Notice of Supplemental Authority

Table of Contents

CoinPedia News

Andre artikler udgivet 3. jul. 2024

E Money Network launches $2 MILLION RWA Grant Program to spearhead RWA ecosystem

Expert Claims $1k Investment in These Cryptos Today Could Buy a House by 2025

Pepe Price Prediction: PEPE Plunges 5% As Investors Flock To This Layer-2 Alternative That’s Just...

Analyst Expects Cryptocurrency Surge

Web3 and Intellectual Property: A Conversation with Qorpo as AneeMate Takes the Stage

8 Best Cryptos To Buy Now – Projects With 100X Return Potential

Join our free newsletter for daily crypto updates!