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Ripple

Knockout For The SEC? Ripple Legal Wins Pile Up — Lawyer

Christian Encila
by Christian Encila
1 year ago
·
Posted in Ripple
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The tide may be turning in the highly watched legal battle between Ripple Labs and the US Securities and Exchange Commission. A recent decision by the Second Circuit Court of Appeals could significantly weaken the SEC’s case and bolster Ripple’s defense.

Related Reading: Thailand Throws Jab At Crypto With P2P Purchase Ban – Details

The case in question, SEC v. Govil, involved allegations of fraudulent securities offerings by Aron Govil through his company Cemtrex. The SEC sought disgorgement, a court order requiring the return of improperly obtained funds.

However, the Second Circuit ruled that the SEC could not pursue disgorgement unless investors could prove they suffered actual financial losses. This “no harm, no foul” approach throws a wrench into the SEC’s strategy and offers Ripple a potential lifeline.

Ripple Cheers Court Victory In Similar Case

Ripple’s Chief Legal Officer, Stuart Alderoty, wasted no time celebrating the Govil decision. He highlighted the SEC’s string of recent defeats and emphasized the ruling’s relevance to the company’s ongoing lawsuit.

“The SEC continues to lose,” Alderoty stated. “The Second Circuit Court of Appeals…held that if a buyer suffers no financial loss, the SEC is not entitled to disgorgement from the seller.”

The SEC continues to lose. The Second Circuit Court of Appeals refused to reconsider their decision in Govil which held that if a buyer suffers no financial loss, the SEC is not entitled to disgorgement from the seller. https://t.co/AOEHcyiajo pic.twitter.com/TPCbmAcAmY

— Stuart Alderoty (@s_alderoty) April 11, 2024

The SEC is seeking a hefty $2 billion in disgorgement and penalties from Ripple, accusing the company of selling unregistered securities in the form of XRP tokens. The Govil decision raises questions about the validity of the SEC’s disgorgement claims, potentially saving the firm a significant amount of money if the court adopts similar reasoning.

Ripple Prepares To Counter SEC’s $2 Billion Demand

With the Govil decision as a potential shield, Ripple is gearing up to respond to the SEC’s demands. April 22nd marks a critical date as it prepares its official response to the $2 billion penalty. Legal experts anticipate a strong defense from Ripple, potentially citing the Govil precedent to challenge the disgorgement aspect of the SEC’s case.

Bitcoin is now trading at $67.454. Chart: TradingView

Legal Battle’s Ripple Effect On Crypto

The outcome of this legal battle will have far-reaching consequences for the cryptocurrency industry. A win for Ripple could set a precedent that makes it more difficult for the SEC to pursue disgorgement in future crypto-related cases. Conversely, a victory for the SEC would solidify its regulatory authority over the digital asset space.

Related Reading: VeChain Lands $100 Million Knockout Partnership With UFC – Details

May 6th looms as another potential turning point in the Ripple-SEC saga. While details remain under wraps, the date could mark the filing of key motions or the scheduling of crucial court hearings.

The legal battle between Ripple and the SEC is far from over. With the Govil decision adding a new layer of complexity, the coming weeks and months promise to be a period of intense legal wrangling as both sides fight for a decisive victory.

Featured image from Pexels, chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Christian Encila

Christian Encila

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Christian, a journalist and editor with leadership roles in Philippine and Canadian media, is fueled by his love for writing and cryptocurrency. Off-screen, he's a cook and cinephile who's constantly intrigued by the size of the universe.

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