Ripple Labs and the US Securities and Exchange Commission (SEC) have made significant progress in their legal battle
The SEC took the step forward with its final response.
In its recent response to the writ brief, the SEC disputed Ripple's claims that the blockchain startup acted recklessly and that there should not be "widespread uncertainty" about the legal status of XRP despite the court previously objecting to this. defending. of "fair notice."
The SEC also maintains its stance on whether Ripple is likely to engage in similar actions in the future, even though Ripple has not violated any rules since the XRP lawsuit began in 2020.
According to the settlement brief, Ripple has sought to minimize its liability while highlighting its cooperation with the US SEC since the 2013 XRP initial coin offering (ICO).
However, the US SEC emphasized that under the law, even if Ripple had refrained from violations since 2020, it is still possible to anticipate another violation.
The SEC maintains that Ripple's assurances about changing its behavior after the lawsuit do not justify avoiding injunctions. According to the SEC, Ripple's claims to follow legal guidance and restructure future XRP sales calculated in the order of the lawsuit are misleading. The SEC maintains that Ripple misinterprets the order and does not accept its implications for compliance.
The remedies response refutes Ripple's claims about making sales outside the US and to accredited investors, as these defenses were abandoned during summary judgment.
Additionally, Ripple's claims regarding changes to contracts for on-demand liquidity (ODL) sales are dismissed, as these contracts already lacked certain restrictions identified as violations.
