The legal battle between Ripple Labs and the US Securities and Exchange Commission (SEC) is reaching a crucial turning point. The XRP community has been eagerly awaiting the SEC’s response to Ripple’s opposition to the proposed $2 billion fine, which is expected to be submitted by May 6.
Following recent developments, the US regulator is anticipated to provide its comment on Ripple’s opposition next week. Market experts are speculating about the SEC’s determination to impose punitive measures and restrict Ripple from conducting institutional sales of its native token, XRP.
On April 29, the regulator presented its case against Ripple’s motion to eliminate new SEC materials. These documents will likely play a significant role in Judge Analisa Torres’ decision on the penalty for Ripple’s sale of XRP to institutional investors.
It is important to note that Ripple has publicly opposed the SEC’s proposal for a $2 billion fine. Stuart Alderoty, Ripple’s chief legal officer, emphasized the company’s stance against the SEC’s order.
Ripple, a major player in the crypto industry, filed a court document on April 22 to challenge the SEC’s request for the hefty fine. This move by the SEC is the latest episode in the ongoing conflict between regulators and cryptocurrency entities.
Alderoty recently confirmed that Ripple’s opposition to the SEC’s order has been made public. In a post on X, he expressed his dissatisfaction with the SEC’s bullying tactics against cryptocurrencies and expressed confidence in a fair resolution in court.
Disclaimer: The opinions expressed in this article are solely those of the author and do not constitute financial or investment advice. Investing in cryptocurrencies carries the risk of financial loss.
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