The SEC has accused Ripple of engaging in practices reminiscent of past violations, adding complexity to the ongoing legal battle.
A recent development in the ongoing legal dispute between Ripple and the U.S. Securities and Exchange Commission (SEC) has seen the SEC respond to Ripple’s recent filings regarding the Consent Judgment. This response, as highlighted by crypto enthusiast Jack The Rippler, suggests that the SEC is seeking a $102.6 million settlement.
Attorney Bill Morgan for XRP revealed that the SEC has charged Ripple with actions that are “awfully similar” to previous infractions. This accusation further complicates the dispute between XRP and the SEC, particularly in relation to Ripple’s On-Demand Liquidity (ODL) service.
The SEC alleges that Ripple’s current ODL sales methods mirror those that were previously deemed illegal. However, due to a lack of comprehensive records, it is unclear whether these sales are in violation of current laws, despite warnings from the SEC.
Legal experts anticipate that the final ruling in the SEC v. Ripple Labs case may be issued in July. The possibility of an SEC appeal following the summary judgment in July adds further complexity to the legal discussion. One key point of contention remains Judge Torres’s decision that XRP programmatic sales are not considered security contracts. With potential legal complications ahead, uncertainty looms over both parties.
At the time of reporting, XRP was trading at approximately $0.4787, marking a 0.21% increase over the past 24 hours according to CoinMarketCap data. However, a 4.13% decline over the previous seven days indicates a bearish trend.
Ripple has previously voiced support for Terraform Labs, denouncing the SEC’s proposed $4.47 billion penalties as unjust.