#RipplevsSEC #crypto #XRP #Ripple #SEC #disgorgement #MorrisonvNationalAustraliaBank #XRPprice
In the ongoing legal battle between Ripple and the SEC, both parties have filed a joint brief schedule for remedies discovery and briefing. This development has garnered mixed reactions from the crypto community. One prominent XRP supporter, attorney John Deaton, believes that Ripple will not have to pay the $770 million in disgorgement sought by the SEC. Deaton cites the Morrison v. National Australia Bank case as a strategic precedent that could benefit Ripple, arguing that the sales of XRP in jurisdictions such as the UK, Japan, and Switzerland should be excluded from the disgorgement claim, as XRP is deemed a non-security in those countries.
Deaton further explains that the sales of XRP in those jurisdictions were legitimate, as each country’s financial regulator has declared XRP an exchange/utility token rather than a security token. He also believes that the SEC’s case against Ripple is not a fraud charge and that the commission would need to tie the disgorgement to investors who were harmed. According to Deaton, most institutional investors were not harmed by the XRP sales as they likely purchased the tokens at a lower price than its current value. As for the XRP price, it has experienced a slight increase in the past 24 hours, reflecting renewed bullish momentum over the past week. However, trading volume has declined, signaling a fall in market activity. XRP remains the fifth-largest crypto asset with a market cap of over $36 billion.
Overall, this joint brief schedule filed by Ripple and the SEC has sparked discussions about the potential outcome of the legal battle. Deaton and other XRP supporters believe that Ripple will not have to pay the full amount of disgorgement sought by the SEC, citing legal precedents and jurisdictional regulations. This development adds another layer of complexity to an already complex legal case and will undoubtedly continue to attract attention as further updates are revealed. The impact of the outcome on the XRP price and the broader crypto community remains to be seen.
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