In the latest development of the ongoing legal saga between the **U.S. Securities and Exchange Commission (SEC)** and **Ripple**, the SEC has submitted a new filing to the **U.S. District Court for the Southern District of New York**. Dated **July 3, 2024**, this document is a direct response to a ruling related to the **Binance** case.
The SEC’s submission, authored by Jorge Tenreiro, aims to undermine Ripple’s stance following the Binance ruling. Tenreiro argues that Ripple’s reference to the Binance decision is both misleading and not pertinent to the current case. He states, “The cited ‘authority’ is a decision on a dismissal motion in SEC v. Binance Holdings, Ltd., which bears no relevance to the ongoing motion concerning remedies.”
Moreover, the SEC’s filing points out a misalignment in Ripple’s argument, noting that it “selects a single observation from the extensive 90-page Binance ruling, attempting to generalize about the SEC’s litigation approach […] suggesting that Ripple’s conduct did not demonstrate ‘reckless disregard for the law,’ thereby negating the need for ‘severe remedies.'” Tenreiro firmly rejects this interpretation.
**#XRPCommunity #SECGov vs. #Ripple #XRP**
The **@SECGov** has presented its rebuttal to **@Ripple**’s Notice of Supplemental Authority in light of the recent Binance verdict.
– James K. Filan (@FilanLaw)
July 3, 2024
**Binance’s Legal Triumph Bolsters Ripple’s Credibility**
In a pivotal shift, the **US District Court for the District of Columbia** has dismissed significant allegations made by the SEC against Binance. Initiated in June 2023 by Gary Gensler, the lawsuit charged Binance with the sale of unregistered securities and unauthorized operations within the U.S.
This outcome echoes a similar case involving Ripple. In July 2023, Judge Torres, presiding in a different court, determined that the trading of Ripple’s XRP tokens on secondary markets did not equate to offering investment contracts. This key insight was instrumental in overturning the SEC’s attempt to label digital tokens as investment contracts, ultimately influencing the decision in favor of Binance.
**Disclaimer:**
The opinions and viewpoints expressed herein are solely those of the author or the individuals mentioned, serving informational purposes only. They should not be taken as financial, investment, or other forms of advice. Engaging in cryptocurrency investments or trading poses a risk of financial loss.
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