XRP Lawsuit: As Ripple fights to strengthen its argument that injunction and penalties must be light in the case, former U.S. Securities and Exchange Commission (SEC) lawyers argue the remedies phase is in the SEC’s favor. The lawyers also cleared the air about the implications of the Chevron ruling by the Supreme Court in SEC vs Ripple and other lawsuits.
Former SEC Lawyers Says Chevron Deference Has No Impact
Retired SEC securities lawyer Marc Fagel in a post on X said that the Supreme Court’s ruling on Chevron deference applies to the rulemaking by government agencies and not implications for SEC enforcement actions. The courts would defer to an agency in case there is an unclear statute.
“Courts determine for themselves whether the defendant broke the law and give no deference to the SEC,” added Fagel. He further cleared that it’s the reason why Judge Torres issued a mixed summary judgment ruling as she did not defer to the SEC. Therefore, the overturn of Chevron deference has no implications in the XRP lawsuit.
Ex-SEC lawyer James Farrell claims the SEC has an upper hand in the remedies phase as Judge Torres knows about $770 million in XRP sales violated the securities laws. The tussle is over what percentage of these sales Ripple has to pay the SEC, additional penalty, and if Ripple still violating the law.
Also Read: Ripple and Coinbase Use Binance Win to Contest SEC Claims
Binance’s Partial Win Relevant In Ripple Lawsuit?
As CoinGape reported, Judge Torres’ decision on XRP security status that programmatic sales and secondary sales are similar is followed by Judge Jackson in SEC vs Binance. She dismissed the US SEC’s claim on Binance’s BNB secondary sales and cleared that secondary sales do not qualify as securities under the Howey Test.
Coinbase and Ripple Labs filed Binance’s partial legal victory to challenge the lack of crypto regulatory clarity and consistency.
Attorney Jeremy Hogan said the filing is relevant regarding possible injunction and the fine. He believes Binance opinion has reinforced Ripple’s argument that the status of crypto as a “security” is a cluster and therefore the “injunction and fine should both be light.”
XRP price fell 1% in the past 24 hours, with the price currently trading at $0.48. The 24-hour low and high are $0.478 and $0.487, respectively. Furthermore, the trading volume has increased by 16% in the last 24 hours, indicating a rise in interest among traders.
Also Read: CoinDCX Acquires BitOasis To Foray Into MENA Region
The post XRP Lawsuit: Lawyers Claim Ripple Case Is In SEC Favor, Chevron Ruling Irrelevant appeared first on CoinGape.
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