The United States Securities and Exchange Commission (SEC) has filed its final reply in the series of remedies briefings for its ongoing lawsuit with Ripple.
Attorney James Filan shared the redacted reply brief in a social media post on May 8.
#XRPCommunity #SECGov v. #Ripple #XRP The @SECGov has filed its redacted remedies reply brief & supporting exhibits.https://t.co/qZ6GTtSFmL
— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) May 7, 2024
The SEC challenged Ripple’s defence strategy, particularly disputing Ripple’s assertion of acting without recklessness and downplaying the legal uncertainties surrounding XRP.
The regulator also dismissed Ripple’s assertions of post-lawsuit compliance and restructuring endeavours. Instead, it has pointed out disparities and urged for injunctions to forestall potential future breaches. Notably, the regulator countered Ripple’s claims of making efforts to minimise its liability and cooperate since its 2013 XRP initial coin offering. It argued that past compliance does not guarantee future adherence to regulations.
Meanwhile, Stuart Alderoty, Ripple’s legal Officer, has expressed confidence in resolving the lawsuit soon. Alderoty noted that the SEC has failed to “faithfully apply the law” and is simply trying to “pull the wool over the Judge’s eyes.” In his words:
“More of the same from the SEC — failing to faithfully apply the law and trying to pull the wool over the Judge’s eyes. The good news is that we are closer than ever to putting this lawsuit behind us, though unfortunately, many are just starting the journey. We trust the Court will approach the remedies phase fairly.”
RELATED: Ripple Executives Criticize SEC’s Inconsistent Approach to Crypto
This reply brief from the SEC is the final one in a series of three briefings submitted by Ripple and the regulator as part of the Remedies phase of a protracted legal battle, which began in 2020.
In the first briefing, the SEC proposed that Ripple be fined over $2 billion as penalties for its regulatory violations, which were conducted on a scale never seen before. Ripple, in response to this, claimed that it should not be fined more than $10 million if it should be fined at all because the regulator’s demands are not “grounded in law or principle.”
The court is expected to announce a date for the final judgement soon.
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