As the legal battle between Ripple and the SEC reaches another milestone, lawyers debates the possibility of the payment of the $2 billion fine by the SEC. Ripple will submit its opposition brief in response to the SEC’s remedies-related briefs. The lawsuit and price of XRP will be significantly impacted by Ripple Labs’ defense team’s answer to the Securities and Exchange Commission’s request for a final judgment and a $2 billion fine.
Ripple to Oppose SEC’s Motion Today
The lawsuit between Ripple and the regulatory watchdog has been going on since December 2020 when the commission accused the blockchain company of selling unregistered securities in XRP to both institutional and retail investors.
There have been several twists and turns as regards the case, but today, April 22 marks a major shift in the battle. Ripple is expected to file its opposition along with supporting documents. As the entire crypto community awaits the filing, the outcome will significantly impact the lawsuit as well as the subsequent price of the XRP token.
Read Also: SEC to File an Interlocutory Appeal Regarding XRP Ruling in Ripple Case
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Lawyers Debate $2 Billion Fine
Meanwhile, pro-XRP lawyer, Bill Morgan, who has been very vocal about the case, shed light on the possibility of a settlement between both parties. According to him, it makes little or no sense for a firm that defended a lawsuit rather well to pay a settlement of $2 billion to the SEC. However, some believe that a settlement may put an end to such legal efforts.
It makes no sense to me that a company that largely successfully defended a lawsuit should cut a check for $2 billion to the other party. https://t.co/HuRXiRpbXJ
— bill morgan (@Belisarius2020) April 21, 2024
According to SEC enforcement specialist Marc Fagel, the $2 billion requested by the SEC is not a means of settlement. The judge must make a ruling regarding any appropriate remedies. Additionally, he revealed that the SEC will probably appeal the portion of the summary judgment it lost against Ripple.
Responding to this, Morgan pointed out that Part of the part – on programmatic sales did not satisfy the “burden of proof on the other distributions category,” adding that he however, thinks that Ripple will pay some fines since the court considers the sale of XRP to institutional investors unregistered securities offerings.
XRP Price Movements Amid Debate
Meanwhile, XRP has joined the majority of the cryptocurrencies in the market to trade in the green zone today. According to data from Coinstats, XRP is currently changing hands at $0.53, representing a 1.93% increase in the last 24 hours.
What is more, the activities involving the token as depicted in its trading volume have surged over the last day. Per the data, the 24-hour trading volume has spiked by 17% within the recorded time to $1.2 billion, maintaining a live market cap of $29.5 billion. As the lawsuit reaches a pivotal point today, all eyes are on the price movement of XRP to see how it reacts.
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Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications such as Coinfomania and Crypto News Guru, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.