Samantha Carter: Ripple Labs and the United States Securities and Exchange Commission (SEC) have made major progress in their legal battle, with the SEC taking a step forward by filing its final reply in the lawsuit's remedies phase.
In its recent response to the remedies brief, the SEC challenged Ripple's assertions regarding its recklessness and the widespread uncertainty about XRP's legal status. The SEC also maintained its stance on the likelihood of Ripple engaging in similar actions in the future.
According to the remedies brief, Ripple has tried to downplay its liability while highlighting its cooperation with the U.S. SEC since the 2013 XRP initial coin offering (ICO). However, the SEC emphasized that anticipating another breach is still possible, regardless of Ripple's behavior since 2020.
The SEC argued that Ripple's assurances about changing its behavior post-lawsuit do not justify avoiding injunctions. The SEC contends that Ripple misinterprets the court order and fails to accept its implications for compliance.
The remedies reply also refutes Ripple's assertions about conducting sales outside the U.S. and to accredited investors, as these defenses were abandoned during summary judgment. Additionally, Ripple's claims of contract changes for on-demand liquidity (ODL) sales are dismissed.
Ultimately, the SEC argues that Ripple's assertions do not negate the need for injunctions to prevent future violations.
In response to the SEC's reply in the remedies brief, Ripple's chief legal officer, Stuart Alderoty, commented that the SEC's reputation continues to decline. He criticized the SEC for not consistently applying the law and expressed optimism about resolving the XRP lawsuit.
Alderoty's comments reflect the ongoing tension between Ripple and the SEC, and the crypto community eagerly awaits the case's outcome, with analysts anticipating a final judgment around September.
Source: Stuart Alderoty
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