Update on the Ripple vs SEC Case as of July 3 2024
As the digital currency sphere holds its breath for the finale of the ongoing legal tussle between the United States Securities and Exchange Commission (**SEC**) and the **blockchain** pioneer Ripple, outcomes from parallel litigations continue to influence arguments.
In a strategic move, Ripple’s attorneys have submitted a notice of supplemental authority citing the recent verdict in the SEC’s lawsuit against the global **crypto exchange** giant, Binance. This particular ruling highlighted the regulatory body’s problematic methodologies, as noted by Ripple. The June 28 Memorandum Opinion and Order in the Binance lawsuit underscores Ripple’s stance on the absence of clear **regulatory** guidelines for **cryptocurrency** assets, as per a document circulated by defense lawyer and case analyst, James K. Filan, through an **X post** dated July 2.
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The legal counsel for Ripple emphasized in their closing remarks that the SEC, in its action against Binance, did not accuse Ripple of recklessness, countering the SEC’s claims of fraudulent and reckless conduct by Ripple in the sale of **XRP tokens**.
Recalling a prior update, Ripple referenced the SEC’s action against Terraform Labs, highlighting the staggering $3.58 billion disgorgement and $420 million civil penalty imposed on Terraform. This comparison was drawn to question the excessive civil penalty demanded in the Ripple/XRP litigation.
**XRP’s Market Movement:**
Currently, **XRP** is trading at $0.48, marking a 0.35% increase today and a 1.72% rise over the week. This uptick is a positive turn from the 7.51% decline over the previous month, potentially buoyed by the latest legal developments.
The cryptocurrency community remains vigilant, tracking every Ripple XRP update and the Ripple vs. SEC case progress for clues on XRP’s price trajectory following significant events. Nevertheless, investors are reminded that due diligence is essential.
**Disclaimer:**
This publication does not offer investment advice. Investment decisions are speculative and carry inherent risks, including the potential loss of capital.
