- Sarah Netburn, Magistrate Judge in the case between Ripple and SEC has set out a timetable.
- Ripple is challenging the SEC’s call for significant civil penalties. They claim that there are insufficient facts to support the SEC’s claims.
Recent developments in the court case between Ripple and United States Securities and Exchange Commission have attracted attention within the crypto community.
Sarah Netburn, Magistrate Judge has established a timeline Crypto News Flash has recapped the earlier Crypto News Flash news in order to recapitulate the current lawsuit between Ripple and the SEC. The SEC has just submitted their latest expert testimony, and Ripple is trying to discredit it. This timetable is critical. Judge Netburn gave the SEC a 30-day extension, until April 29 2024 to respond to Ripple’s Motion. Ripple then has 3 business days to answer.
BÄÄÄÄÄÄÄÄÄÄÄM!!!#Ripple (#XRPSarah Netburn is the New South District Judge in New York.
SEC This Will Be Your End 🚀🚀🚀 pic.twitter.com/Kr8EWuzMgl
— Marcel Knobloch aka Collin Brown (@CollinBrownXRP) April 26, 2024
Even though her recent appointment As District Judge for the Southern District of New York Judge Netburn continues to preside over the Ripple case against the SEC. Judge Netburn’s impartiality is well-known. Crypto community generally views her positively. She stated that in 2021 she would be.
“My understanding about XRP is that not only does it have a currency value, but it has a utility, and that utility distinguishes it from bitcoin and ether.”
SEC Penalties Challenged by Ripple
Ripple has contested the SEC’s demand for significant civil penalties. The company argues that there is not enough evidence to support the SEC’s claims. In response to the SEC’s demands for an hefty penalty, Ripple has proposed a $10 million maximum fine. Ripple claims that their On-Demand Liquidity(ODL) transactions which facilitate cross-border payments are different from traditional investment and shouldn’t be subjected to the same scrutiny.
Ripple has also addressed the lack of evidence that supports future violations, or reckless behaviors in its institution XRP sales. This strengthens its defense. Bill Morgan, Ripple’s representative, has claimed that ODL sales are not investment contracts, and therefore should not be considered as such by SEC. Bill Morgan, Ripple’s representative, has argued that ODL sales do not constitute investment contracts and should not be treated as such by the SEC. Despite these challenges, XRP advocates remain optimistic about a possible settlement. They anticipate a surge in XRP’s value after the resolution.
Morgan also echoed the sentiment and predicted a $1 increase from $0.50. The SEC has set up regulatory hurdles that continue to complicate negotiation.
Legal expert Jeremy Hogan believes the case could be settled by summer this year, speculating a possible settlement of $100,000,000. Hogan suggests that ‘I believe the Judge will order no disgorgement but will throw the SEC a bone by imposing a $100 million penalty on Ripple.”
Earlier Demands and Upcoming Filings
Earlier this year, Ripple was fined $2 billion by the SEC for violating certain XRP sale rules. Ripple claims that XRP is not a security, and therefore does not fall under the SEC’s jurisdiction. Stuart Alderoty has provided several reasons as to why Ripple believes the fine is appropriate. should not exceed $10 million, Highlighting the absence of evidence financial harm.
SEC response brief is due May 6. further shape market expectations. The SEC may decide to take punitive action against Ripple. This could impact the value of XRP. XRP was trading at $0.503 A 24-hour drop in 3%.
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Source: www.crypto-news-flash.com