The Ripple ecosystem is buzzing with excitement thanks to the predictions made by legal expert MetaLawMan regarding the ongoing SEC case. MetaLawMan, also known as James Murphy, a lawyer who supports XRP, has suggested that Judge Torres might dismiss the SEC’s demand for a $2 billion fine against Ripple Labs Inc. This news is particularly encouraging for XRP, as many believed that such a fine could have devastating effects on the cryptocurrency.
Murphy’s argument revolves around the SEC’s claim of investor harm. The SEC alleges that institutional investors who purchased XRP at a discounted price suffered financial losses due to the inflated value of the cryptocurrency. However, Murphy challenges this argument, implying that the SEC may have misinterpreted a legal precedent.
He questions the validity of the SEC’s referenced cases, especially SEC v iFresh, which holds limited weight due to its unpublished status. Murphy points out that this potential mistake by the SEC could lead Judge Torres to dismiss their motion for disgorgement.
“The iFresh decision misinterprets the 2nd Circuit holding in Govil on disgorgement,” Murphy states. He emphasizes the importance of accurate legal citations, suggesting that the judge might take issue with the weak foundation provided by the SEC, citing a document designated as “NOT FOR ELECTRONIC OR PRINT PUBLICATION.”
Another familiar voice in the XRP community, attorney Jeremy Hogan, agrees that the SEC’s reliance on unpublished cases is a potential error. He emphasizes the significance of following proper legal procedures and hopes that the judge will recognize this oversight.
It is important to note that the ongoing case between Ripple Labs Inc. and the SEC revolves around the sale of XRP. The SEC alleges that Ripple sold XRP as unregistered securities and therefore demands a $2 billion fine. The regulator argues that an injunction is necessary to prevent future violations, as Ripple plans to distribute more unregistered crypto assets under its new organizational structure.
Aside from the possible dismissal of the fine, speculations are rife regarding the timeline for the conclusion of the Ripple vs SEC case. Crypto influencer CryptoGeek suggests that a settlement between Ripple and the SEC may be imminent, with a final court brief expected to be released by May 20. However, legal expert Marc Fargel predicts that it may take the court a month or two to reach a final decision.
In the meantime, Ripple continues to make progress in its crypto development endeavors. Ripple’s CTO, David Schwartz, recently hinted at the potential launch of the company’s stablecoin. This 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, with a market capitalization of $28.4 billion and a trading volume of $1 billion.
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