The Securities and Exchange Commission (SEC) has made a bold move in response to Ripple Labs in their legal battle. On July 3, 2024, the SEC submitted a new document to the United States District Court for the Southern District of New York to counter Ripple\u2019s recent legal maneuver, challenging the company\u2019s reliance on a prior ruling involving Binance Holdings, Ltd.<\/p>\n
In a filing authored by Jorge Tenreiro, the SEC sharply criticizes Ripple\u2019s interpretation of the Binance ruling. Tenreiro dismisses Ripple\u2019s reliance on the Binance decision as irrelevant to their ongoing case, stating that it does not support Ripple\u2019s claim that harsh penalties are unwarranted.<\/p>\n
Furthermore, Tenreiro points out that Ripple selectively quoted the Binance ruling to suit their argument while ignoring aspects that contradict their position. Specifically, the SEC highlights that the Binance court\u2019s rejection of a fair notice defense mirrors the situation in the Ripple case.<\/p>\n
The SEC also challenges Ripple\u2019s assertion of a lack of regulatory clarity by emphasizing that the agency had provided ample warning to Ripple through legal advisories. This contradicts Ripple\u2019s stance and supports the SEC\u2019s argument for stiffer penalties exceeding $2 billion.<\/p>\n
This legal clash has far-reaching implications for the cryptocurrency industry, setting a precedent for how digital assets are regulated in the US. The SEC\u2019s latest filing reaffirms its commitment to exercising regulatory oversight over the crypto market.<\/p>\n
As of now, XRP is trading at $0.45729.<\/p>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
The Securities and Exchange Commission (SEC) has made a bold move in response to Ripple Labs in their legal battle. On July 3, 2024, the SEC submitted a new document to the United States District Court for the Southern District of New York to counter Ripple\u2019s recent legal maneuver, challenging the company\u2019s reliance on a […]<\/p>\n","protected":false},"author":1,"featured_media":15102,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"slim_seo":{"title":"Ripple Faces SEC's New Filing in Ongoing XRP Lawsuit - Bitrabo","description":"The Securities and Exchange Commission (SEC) has made a bold move in response to Ripple Labs in their legal battle. On July 3, 2024, the SEC submitted a new doc"},"footnotes":""},"categories":[316],"tags":[1216,842,747,575,520,1552,517],"class_list":["post-15101","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","tag-bold","tag-filing","tag-lawsuit","tag-ripple","tag-sec","tag-strikes","tag-xrp"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts\/15101","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/comments?post=15101"}],"version-history":[{"count":0,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts\/15101\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/media\/15102"}],"wp:attachment":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/media?parent=15101"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/categories?post=15101"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/tags?post=15101"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}