Veteran legal expert MetaLawMan has caused a stir within the Ripple community by making predictions about the ongoing SEC case. He has suggested that Judge Torres may dismiss the SEC’s demand for a $2 billion fine against Ripple Labs Inc., which is good news for XRP as it was feared that the fine could severely impact the cryptocurrency.
MetaLawMan’s argument is based on the SEC’s claim of investor harm. The SEC alleges that institutional investors who purchased XRP at a discount suffered financial losses due to the inflated price. However, MetaLawMan questions the validity of the SEC’s cited cases, particularly SEC v iFresh, which holds limited weight as it is unpublished. He believes that this misstep by the SEC could lead Judge Torres to dismiss their motion for disgorgement.
Another XRP advocate, Attorney Jeremy Hogan, agrees that the SEC’s reliance on unpublished cases is a potential mistake. He emphasizes the importance of following proper legal procedures and hopes that the judge will recognize this oversight.
It is worth noting that the Ripple vs SEC case revolves around the sale of XRP. The SEC alleges that Ripple sold XRP as unregistered securities and is therefore demanding a $2 billion fine. The regulator argues that an injunction is necessary to prevent future violations, as Ripple plans to distribute more unregistered crypto assets under its new organizational structure.
Aside from the possible rejection of the fine, there are speculations about when the Ripple vs SEC case will come to a conclusion. Crypto influencer CryptoGeek suggests that a settlement between Ripple and the SEC may be on the horizon, with a final court brief expected to be released by May 20. However, legal expert Marc Fargel believes that it could take the court a month or two to reach a final decision.
In the midst of the legal proceedings, Ripple continues to develop its cryptocurrency. Ripple’s CTO, David Schwartz, recently hinted at the potential launch of the company’s stablecoin. This aligns with Ripple’s projection that the stablecoin market value will reach $3 trillion by 2028.
As of now, XRP is trading at $0.5143, experiencing a 1.78% decrease in value. Its market capitalization is $28.4 billion, with a trading volume of $1 billion.
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