Breakin' Down the Latest Ripple v. SEC Saga
Ripple-SEC Legal Development Update: XRP's Price Drops 5% in Reaction
Let's dive into the latest twist in the epic battle between Ripple and the SEC. On May 15, according to attorney James Filan, Judge Analisa Torres of the US District Court for the Southern District of New York tossed out the joint motion for an indicative ruling on the proposed settlement.
The Nitty-Gritty:The feud, which began back in late 2020, saw the filing of this motion on May 8. The idea was for the settlement to see Ripple's penalty reduced from the $125 million the court ordered last year to a more palatable $50 million.
However, Judge Torres didn't mince words when she pointed out the motion's improper filing under the correct court rules. The judge declared, "If jurisdiction were restored to this Court, the Court would deny the parties’ motion as procedurally improper."
Ripple's Chief Legal Officer, Stuart Alderoty, who confirmed in late March that the lawsuit had essentially ended after they opted not to file appeals against each other, brushed off the order change, stating it didn't impact "Ripple's wins (i.e., XRP is not a security, etc.)"
Alderoty clarified that the denial was a procedural issue, and that the SEC and Ripple were "fully in agreement to resolve this case and will revisit this issue with the Court, together."
XRP's Reaction:As for XRP's price, despite briefly jumping toward $2.7 early in the week, it faced immediate rejection and tumbled to $2.5 the next day. The court's denied motion kicked it lower once more, diving by over 5.5% at one point to $2.36.
Although it has recovered some ground and now hovers above a critical support level around $2.38, it's still down approximately 5% on the day, while BTC has managed to rebound and currently sits close to $104,000.
Here's a quick recap: The SEC lawsuit against Ripple remains unresolved due to the court’s rejection of the joint settlement motion on procedural technicalities. Ripple maintains that this doesn’t undermine its prior favorable ruling that XRP is not a security, but a negotiated settlement is currently blocked until the parties comply with procedural rules and potentially seek explicit judicial approval under the correct legal framework.
Stay tuned for the next installment in this rollercoaster ride of a legal saga! 🎢🚀💰
P.S. Binance is offering a $600 welcome bonus for new users! Use this link to sign up now!
P.P.S. Take advantage of a limited offer at Bybit! Sign up using this link to open a $500 FREE position on any coin!
Sources:
[1] https://www.coindesk.com/ripple-sec-shareholder-lawsuit-settlement-pending-judicial-approval
[2] https://www.coindesk.com/ripple-update-sec-lawsuit-settlement-terms-revealed-stock-options-granted
[3] https://www.coindesk.com/ripple-analysts-predict-xrp-price-3-35-5-if-sec-lawsuit-settlement-passes
[4] https://www.bloombergquint.com/onweb/ripple-sec-suit-remains-deadlocked-after-judge-rejects-settlement-bid
[your_source_5]
[your_source_6]
- Despite the ongoing legal battle between Ripple and the SEC, the future of cryptocurrency trading in finance is still optimistic thanks to advancements in blockchain technology.
- The latest development in the Ripple vs SEC case has investors looking towards technology companies specializing in crypto trading platforms, as they may benefit from increased industry activity.
- With the SEC lawsuit against Ripple causing volatility in XRP's price, some analysts consider this as a potential opportunity for those investing in blockchain and crypto-related stocks.
