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Ripple Can Counter SEC’s Attacks on Stablecoin With Binance Ruling
The U.S. Securities and Exchange Commission’s arguments in the much-awaited reply in support of its motion for remedies and final judgment turned out to be weak. Ripple CLO Stuart Alderoty even quoted it as “More of the same from the SEC — failing to faithfully apply the law and trying to pull the wool over the Judge’s eyes.” He hinted at the end of the long-running lawsuit and believes the court will approach the remedies phase fairly.
US SEC Attacks Ripple’s Planned Stablecoin
The SEC asked the court to enter the requested injunctions based on assumptions of violation by Ripple in the future. The securities regulator attacked Ripple’s stablecoin plan to argue that an injunction is required.
XRP expert Ashley Prosper asserts a ruling on Binance’s motion to dismiss can come any day now and Judge Jackson is likely to rule that BUSD is not a security. Interestingly, Binance contended that a US DOJ filing in the Mango Markets lawsuit contradicts the SEC’s position that BUSD and other stablecoins are unregistered securities, as reported exclusively by CoinGape.
The court’s opinion and ruling in Binance lawsuit will benefit Ripple in countering the SEC’s claims that the new stablecoin is an unregistered crypto asset. The SEC continues to see Ripple’s XRP programmatic sales and post-2020 ODL sales as unregistered securities law violations.
Also Read: XRP Lawyer Reveals ODL Contract Terms & Potential Legal Impact
Ripple Awaits Decision on Expert Witness and Remedies
Lawyer James Murphy criticized the U.S. SEC’s reply brief, stating it adds nothing meaningful to the argument that institutional investors suffered pecuniary harm. He revealed the SEC’s motion for $2 billion in fines is likely to be dismissed in part by Judge Torres as citing a decision with a “not for publication” designation as precedent.
However, he doesn’t rule out the possibility of Judge Torres going with the iFresh reasoning. Also, it is possible the Judge would schedule a hearing to resolve unanswered questions about the positions of the parties.
Meanwhile, Ripple also seeks a court ruling on a motion to strike expert witness. Pro-XRP lawyers contend the judge will accept Fox Declaration give some expert evidence and ask Ripple’s lawyers to depose her.
Moreover, XRP lawyers predicted a final ruling to come substantially quicker than the summary judgment rulings, within 60 to 90 days after the last brief. Similarly, Ashley Prosper claims the XRP community has to wait until July or August, even September for Judge Torres’ final ruling.
XRP price now trades near $0.52, up nearly 1% in the last 24 hours. The 24-hour low and high are $0.509 and $0.528, respectively. The trading volume remains low on spot exchanges.
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