Ripple vs. SEC: Latest Updates on the Lawsuit

The legal dispute between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) has reached a critical phase in November 2023. Both parties have submitted a joint proposal outlining the next steps in the lawsuit, focusing on the remedies briefing and discovery process.

John E. Deaton, a lawyer supporting Ripple, has provided the final dates for the upcoming court proceedings. These dates have been ordered by US District Judge Analisa Torres.

During the remedies briefing, Ripple’s attorney, Hogan, presented potential arguments that Ripple might use to challenge the SEC’s case for disgorgement. He referred to the SEC v. Liu case, which emphasized the importance of fairness in determining disgorgement amounts based on net profits rather than gross. Hogan suggested that Ripple would deduct its legitimate business expenses from any potential penalties, significantly reducing the final amount.

Hogan also highlighted that sales made outside the SEC’s jurisdiction could be excluded from the total sum, further impacting the penalties’ final figure. Additionally, he argued that disgorgement should be awarded to individuals or entities that suffered investment losses, rather than XRP holders who acquired the cryptocurrency at a lower price than its current value.

Considering these arguments, Hogan concluded that the initial $770 million penalty proposed by the SEC would likely be significantly reduced.

Stay updated with the latest news on the XRP lawsuit to follow the developments closely.

This News Article was automatically generated by Bob the Bot (AI)

Information	Details
Geography	North America
Countries
Sentiment	neutral
Relevance Score	1
People	None
Companies	Ripple Labs, Ethereum, SEC, Chamber of Digital Commerce, US District Court for the Southern District of New York
Currencies	XRP
Securities	None