Wed, May 08, 2024 at 04:36

Kang-hoon
- Hello Annie, I have some interesting news to share about the ongoing Ripple case.
- Earlier this week, the U.S. Securities and Exchange Commission (SEC) submitted its supporting remedies brief, which is now available to the public.
Annie
- Oh, I've heard about that case.
- Ripple has been in a legal battle with the SEC since 2020, right?😮
Kang-hoon
- Yes, that's correct.
- The SEC has been arguing that Ripple's XRP token is a security and therefore falls under its jurisdiction.
- In this latest brief, the SEC counters Ripple's arguments that it hasn't acted recklessly and there shouldn't be any widespread uncertainty regarding the legal status of XRP.
Annie
- Hmm...
- But didn't Ripple argue that they have been cooperating with the SEC since their initial coin offering in 2013?🤔
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Kang-hoon
- Indeed, Ripple has tried to downplay its liability while highlighting its cooperation with the SEC.
- However, the SEC emphasized in their latest brief that even if Ripple refrained from any violations since 2020, there is still a possibility of anticipating another violation.
Annie
- Wow!
- So, even if they promise not to commit any more violations or stop their illegal activities, they could still be held liable?
- That seems harsh.😕
Kang-hoon
- Yes, according to the SEC's stance.
- They argue that the potential for further violations remains even if the defendant promises not to commit them again or stops their unlawful activities.
- This is based on the type of violations committed.
Annie
- I see... And what does Ripple say about this?
Kang-hoon
- Ripple's Chief Legal Officer, Stuart Alderoty, has criticized the SEC's approach, stating that they continuously fail to apply the law faithfully.
- He also added that they are closer than ever to putting this lawsuit behind them.
Annie
- That's good news for Ripple, isn't it?😊 But when can we expect a final judgment?
Kang-hoon
- Analysts believe that a final judgment in the Ripple vs SEC case won't arrive until September.
- However, despite the ongoing legal battle, analysts remain hopeful of the XRP price resurgence and expect it to surge all the way to $10.
Annie
- Wow!
- That's quite a prediction.
- So, would you say this news is good or bad?
- And what impact could it have on the market?
Kang-hoon
- In my view, this news can be seen as positive.
- Despite the ongoing legal battle, Ripple's optimism and the analysts' positive outlook for XRP price suggest potential growth.
- As for the market impact, it could lead to increased investor confidence in XRP and potentially drive its price up.
- Upon comprehensive consideration, this news is perceived as a 😍Bullish.