The post SEC New Filing in Ripple Case Stirs Settlement Debate in XRP Community appeared on BitcoinEthereumNews.com.

Following the SEC’s latest filing in the Ripple case, XRP community members speculate that the parties could settle this summer.   The U.S. Securities and Exchange Commission (SEC) has filed its response to Ripple’s supplemental authority letter regarding the Consent Judgment in the SEC v. TerraForm Labs (TFL) lawsuit.  Ripple Supplemental Authority  Recall that Ripple filed the letter on June 13 to further support its opposition to the SEC’s remedies-related demand of $2 billion. According to the TFL Consent Judgment, the defendant agreed to settle the SEC lawsuit by paying over $3.58 billion disgorgement and a civil penalty of $420 million.  Consequently, Ripple contended that the civil penalty represents 1.27% of TFL’s gross sales of $33 billion. The crypto payments company stated that the agreed amount is substantially less than the amount requested by the SEC in its case. Furthermore, Ripple argued that while the TFL judge uncovered two fraudulent schemes that led to the wipeout of over $40 billion, there was no evidence of fraud in its case.  SEC Response  It bears mentioning that seasoned defense lawyer James K. Filan shared the SEC’s response on X today. According to the filing, the SEC emphasized that the TFL’s Consent Judgment stemmed from a settlement, adding that such an event is of limited value in determining remedies.   #XRPCommunity #SECGov v. #Ripple #XRP @SECGov has responded to @Ripple’s letter regarding the TerraForm Labs Consent Judgment. pic.twitter.com/VvGSJffwa8 — James K. Filan 🇺🇸🇮🇪 (@FilanLaw) June 14, 2024 With Ripple asking the court to tether the determination of the TFL settlement to its penalty determination, the SEC argued that the crypto payments company did not consider certain factors. These include TFL’s bankruptcy, the company’s acceptance to destroy the keys to the wallet holding its crypto assets, and the reimbursement of a significant amount of investors’ losses. …

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Filed under: News - @ June 15, 2024 9:28 am