Ripple Responds to SEC's Motions in Ongoing Lawsuit over XRP

IconCryptoNewsTerminal Staff29 May, 2024

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Ripple Responds to SEC's Motions in Ongoing Lawsuit over XRP

James K. Filan, a defense attorney and former federal prosecutor, has reported that Ripple has filed a response to the US Securities and Exchange Commission’s (SEC) motion for judgment and remedies in an ongoing lawsuit. Ripple's response argues that the SEC is overreaching in its requests for confidential business information and contests the SEC’s claims that Ripple continues to engage in unregistered securities sales. The legal battle between Ripple and the SEC centers around whether XRP is an unregistered security. Recently, there have been skirmishes over the potential for disgorgement, which involves forcing a defendant to give up any ill-gotten gains. Ripple's response to the SEC's motion highlights the ongoing legal complexities surrounding the classification of XRP and the regulatory landscape for cryptocurrencies. The outcome of this lawsuit could have significant implications for the broader cryptocurrency industry.

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