SEC Uses Ripple Ruling in Legal Fight Against Binance

The SEC is using the outcome of the Ripple lawsuit as additional support in its case against Binance. Judge Hamilton’s impartial ruling on the third prong of the Howey test for XRP has sparked a debate. In a new development, the SEC has filed the Ripple class action case as supplemental authority in the ongoing Binance lawsuit. The SEC argues that the arguments and ruling in the Ripple complaint are relevant to the Binance case. The discovery conflicts in the Binance litigation have mostly been resolved, and the lawsuit is now awaiting a court decision on a joint motion to dismiss. Despite winning the majority of the plaintiff’s claims of securities violations, Ripple CEO Brad Garlinghouse’s misleading statements about XRP sales have raised concerns. Garlinghouse remains confident and ready to provide more details during the trial. The XRP community is in a heated discussion after Judge Hamilton overturned the SDNY court’s conclusion that XRP programmatic sales are not securities. The SEC has also highlighted Garlinghouse’s deceptive remarks about XRP. Ripple is concerned that the SEC may use this California case in its appeal against Judge Torres’ summary ruling on XRP. The price of XRP is currently $0.4853, down 0.87% in the last 24 hours but up 1.22% in the last seven days. This price movement reflects the overall market uncertainty and legal uncertainties surrounding Ripple. Prior to this, Ripple’s Stuart Alderoty raised important questions about the SEC’s recent decisions, particularly regarding the status of Ether as a security.