Legal expert MetaLawMan, a well-known figure in the Ripple community, has sparked excitement with his predictions regarding the ongoing SEC case. He suggests that the $2 billion fine imposed by the regulators might be dismissed by Judge Torres. This news is particularly encouraging for XRP supporters, who had feared that the hefty fine could severely impact the cryptocurrency.
MetaLawMan’s argument revolves around the SEC’s claim of investor harm. The regulatory body alleges that institutional investors who purchased XRP at a discounted price suffered financial losses due to the inflated value of the cryptocurrency. However, MetaLawMan casts doubt on this argument, suggesting that the SEC may have misinterpreted a legal precedent.
One of the key points raised by MetaLawMan is the SEC’s reliance on the case of SEC v iFresh, which holds limited weight due to its unpublished status. MetaLawMan argues that this potential misstep by the SEC could lead Judge Torres to dismiss their motion for disgorgement. He specifically highlights the misinterpretation of the 2nd Circuit holding in Govil on disgorgement in the iFresh decision.
MetaLawMan emphasizes the importance of proper legal citations and implies that the judge might take issue with the SEC’s weak foundation, as it relies on a document designated as “NOT FOR ELECTRONIC OR PRINT PUBLICATION.” Another prominent XRP advocate, attorney Jeremy Hogan, agrees that the SEC’s reliance on unpublished cases is a potential error and hopes that the judge will recognize this oversight.
It is worth noting that the Ripple vs SEC case revolves around the alleged sale of unregistered securities by Ripple Labs Inc. The SEC has demanded a $2 billion fine and seeks an injunction to prevent future breaches, as it claims that Ripple plans to distribute more unregistered crypto assets under its new organizational structure.
While the potential rejection of the fine is promising, there are speculations about the timeline for the conclusion of the case. Crypto influencer CryptoGeek suggests that a settlement between Ripple and the SEC may be on the horizon, with a final court brief expected to be released by May 20. However, legal expert Marc Fargel believes that it could take the court a month or two to reach a final decision, as reported by Crypto News Flash.
Despite the ongoing legal battle, Ripple continues to focus on its crypto development. Ripple’s CTO, David Schwartz, recently hinted at the potential launch of the company’s stablecoin. This initiative aligns with Ripple’s projection that the stablecoin market value will reach $3 trillion by 2028.
As of now, XRP is trading at $0.5143, experiencing a 1.78% decrease. Its market capitalization stands at $28.4 billion, with a trading volume of $1 billion.
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