Ripple Labs and the United States Securities and Exchange Commission (SEC) are making headway in their legal clash, as the SEC submits its final response in the lawsuit’s remedies phase.
In its recent retort to the remedies brief, the SEC questioned Ripple’s claims that it acted without recklessness and argued against Ripple’s stance that there should be no widespread confusion about XRP’s legal status.
SEC Maintains Stance on Future Actions
The SEC also stands firm on whether Ripple might repeat similar actions in the future, despite Ripple’s clean record since the XRP lawsuit began in 2020.
Ripple has sought to minimize its liability while emphasizing its cooperation with the SEC since the 2013 XRP initial coin offering. However, the SEC contends that even with no violations since 2020, future breaches are possible.
SEC Disputes Ripple’s Assurances
The SEC refutes Ripple’s claims of changing its behavior post-lawsuit and argues that Ripple’s reassurances about restructuring future XRP sales are misleading.
Ripple’s assertions about conducting sales outside the U.S. and to accredited investors, as well as claims of contract changes for on-demand liquidity sales, are dismissed. Ultimately, the SEC asserts that injunctions are necessary to prevent future violations by Ripple.
Ripple Lab’s Response
Ripple’s chief legal officer, Stuart Alderoty, criticized the SEC for its inconsistent application of the law and expressed hope for a resolution in the XRP lawsuit.
While the crypto community awaits the case’s resolution, analysts anticipate a final judgment around September.
