Attorney James K. Filan with the SEC Ripple He announced that the briefings have been completed in the ongoing case between . As the SEC’s final response summary opens, there are details that stand out.
Attorney Jeremy Hogan suggests SEC’s final summary may be less impactful than initially expected progress. SECHe pointed out that Ripple does not focus on Optional Liquidity (ODL) sales. According to the lawyer, the SEC wants to continue the case through areas where it has previously gained strength.
The Ripple v. SEC briefs are FINISHED!
And I think the SEC went out with a whimper here.
NEWS CONTINUES BELOWIt didn’t even try to attack ODL sales, just noting that Ripple was trying to re-litigate the issue (which it is).
And it brought nothing new on damages.
NEWS CONTINUES BELOWJust waiting for The Judge now! https://t.co/r8nxNMTzqj pic.twitter.com/Futa93lXUb
— Jeremy Hogan (@attorneyjeremy1) May 8, 2024
This comment of the lawyer is compatible with the scenario that was previously requested to result in the Ripple company paying a penalty of $ 100 million. As Koinfinans.com reported, the SEC is demanding a penalty of $2 billion. According to lawyers, an appeal is considered certain, regardless of the final decision.
The SEC filed a lawsuit against Ripple in December 2020, claiming that the company’s sale of XRP violated securities laws. However, the detail Hougan points out about ODLs is very valuable. ODL is known as a service of the company that facilitates cross-border payments using XRP. If the SEC successfully argues that XRP sales through ODL constitute unregistered securities offerings, it will significantly strengthen their overall case.
However, the company is specific to the USA XRPIt is quite far away from . Therefore, it continues to comply with legal justifications by using USDT instead of XRP.
