- Ripple and SEC progress in a legal dispute with final filings in the lawsuit’s remedies stage.
- The SEC disputes Ripple’s claim of acting without recklessness and challenges uncertainty about XRP’s legal status.
In the ongoing legal battle between Ripple Labs and the United States Securities and Exchange Commission (SEC), significant progress has been made as both parties filed their final replies in the lawsuit’s remedies stage.
The SEC challenged Ripple’s assertion of acting without recklessness and argued against any “widespread uncertainty” regarding XRP’s legal status, despite the court previously rejecting Ripple’s “fair notice” defense. Additionally, the SEC maintains concerns about Ripple’s potential future violations, stating that past compliance doesn’t guarantee against future breaches.
Ripple’s Chief Legal Officer Argues
In response, Ripple’s chief legal officer, Stuart Alderoty, criticized the SEC’s approach, suggesting it might perplex international regulators with established crypto licensing frameworks. He likened the SEC’s actions to issuing fishing licenses rather than providing robust financial oversight.
However, analysts anticipate a prolonged final judgment will occur around September.
