- Ripple tests SEC’s current reliance financial condition for determining penalties.
- Ripple protects the confidentiality of historic contracts financial SEC information against claims
Ripple has intensified its legal case against US Securities and Exchange Commission.
The new Judge’s document Analisa Torres The Southern District of New York explains this increase. The SEC wants penalties of almost $2 billion, while Ripple is arguing for a maximum penalty cap at $10 million.
Ripple’s New Filed by Ripple
Andrew J. Ceresney of Debevoise & Plimpton LLP wrote a thorough letter Ripple’s response to the SEC, as judged by Judge Torres. financial The current situation should influence court decisions on previous penalties. The information provided is considered “important to the Court’s determinations” The SEC’s opposition brief includes a section on Ripple’s past behavior and the remedies that it proposes.
#XRPCommunity #SECGov v. #Ripple #XRP @Ripple The motion to seal documents filed by the @SECGovMotion for Judgment & Remedies. pic.twitter.com/NeuFZII1m8
— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) May 29, 2024
Ripple asserts that the purported violations were not evaluated until years later. financial Situation has nothing to do with the issue.
“Ripple is not arguing that it may be unable to pay any measured penalty,” The defense claims “and there is otherwise no reason to believe that Ripple’s current financial statements (from years after the challenged conduct) are relevant to the Court’s analysis.”
Ripple stresses that disclosing private information is not acceptable. financial Information is not required and the court may reject the case even without such information. In cases like Tropical Sails Corp. v. Yext, Inc., the court acknowledged that information is not necessary. “legitimate privacy interest in the financial documents of a privately held company,” This viewpoint is supported.
Historical Contracts: Relevance
This argument is based on the SEC’s claim that there have been changes to the XRP sales Ripple has rendered its past contracts redundant. Ripple, through CFO Jonathan Billich argues that even though the SEC describes them as “stale” These previous contract conditions are private and economic sensitive.
Billich said that future counterparties could have great power if the conditions of earlier agreements were accessed.
Ripple says that their sales methods have changed and that XRP sold currently does not include terms from earlier OTC agreements. This includes discounts offered to sophisticated counterparties.
Prices and public disclosure of XRP
Ripple also has a way of disproving SEC claims about XRP’s need to be publicly disclosed under securities law.
CNF reported that the court had already made a ruling on this. XRP is not a securityThe price terms in historical contracts are different from those that apply to registered securities. Prices in historic contracts will be different than those of registered securities.
Ripple’s argument highlights the importance of its contracts, past and current. financial Status has no impact on SEC’s cases.
Ceresney highlights the business’s privacy rights and sensitivity in his article. “Even if the SEC’s arguments were plausible, Ripple has still established a valid, commonly accepted basis for sealing its confidential financial documents.”
CoinGecko shows the current price of XRP is currently at $0.5177The Fallen 2.03% The last 24 hours have shown a downward trend. 2.21% The previous week’s fall. CNF reports from earlier highlight pro-XRP attorney Bill Morgan Ripple has accused the SEC in its Ripple case of corrupting.
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Source: www.crypto-news-flash.com