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The legal brawl between Ripple and the U.S. Securities and Exchange Commission (SEC) nears a climax. The financial regulator’s latest court filing marks the final submission before the presiding judge considers the remedies phase of this monumental lawsuit.
SEC Wants To Make Ripple’s Financial Records Public
The Securities and Exchange Commission has submitted its opposition to Ripple’s motion to seal some financial documents, according to a May 20 filing.
#Kryptouutiset1
Критики пишуть, що хоррор занурив їх у такий жах, що у них звело шлунок від страху, але відірватись неможливо. Сюжет – агент ФБР полює на серійного маніяка, який понад 10 років вбивав цілі сім'ї.
#Elokuvat1
On April 30, Zhao appeared in court for sentencing. Department of Justice (DOJ) prosecutors wanted him to spend three years behind bars, but his defense insisted on no prison time.
Judge Richard Jones disagreed with the Justice Department’s request to increase Zhao’s sentence. He said there was no evidence that the Binance founder was ever informed of the specific illegal activity occurring on the exchange. The judge again rejected the DOJ’s request to sentence Zhao to 36 months.
The judge thanked the prosecution for their voluminous report and forecasted a possible sentence. In many respects, Jones said he agreed with the prosecution’s opinion.
#Kryptouutiset1
In the ongoing legal tussle between Ripple (XRP) and the U.S. SEC, the stakes are high as the SEC pursues a staggering $2 billion fine against the blockchain company.
The list of claims includes $876 million in compensatory damages, $198 million in interest on the amount mentioned, and another $876 million in civil penalties.
The company’s response, outlined in a court filing dated Apr. 22, proposes a different approach: advocating for a civil penalty not exceeding $10 million.
#KryptouutisetIsrael-Iran conflict spurs risk aversion
The crypto market’s recent 24-hour downturn is part of a broader correction that began on April 12. This period has coincided with escalating tensions between Iran and Israel following Iran’s launch of attack drones and missiles in retaliation for an Israeli strike in Syria.
Ripple plans to introduce a stablecoin pegged to the US dollar this year, as projections estimate the market will surpass $2.8t by 2028.
The stablecoin will be fully collateralized by US dollar deposits, along with short-term US government treasuries and other cash equivalents, Ripple said on Thursday.
“These reserve assets will be audited by a third-party accounting firm, and Ripple will publish monthly attestations,” Ripple said. It did not specify which firm would conduct the audits.
#Kryptouutiset
March 22, 2024, marks a crucial moment in the ongoing legal duel between the Securities and Exchange Commission (SEC) and Ripple. Leading the charge is defense attorney James K. Filan, shedding light on looming deadlines that will shape the course of this legal drama.
A structured timeline outlines the dance of filings and redactions:
March 22, 2024: SEC unveils its opening remedies-related brief under seal.
March 25, 2024: Parties identify necessary redactions.
March 26, 2024: SEC releases a public, redacted version of the brief.
April 22, 2024: Ripple unveils its public, redacted opposition brief, unless confidential.
May 6, 2024: SEC delivers its reply brief under seal.
May 8, 2024: SEC releases a public, redacted reply brief.
#KryptouutisetMarch 25, 2024: Parties identify necessary redactions.
March 26, 2024: SEC releases a public, redacted version of the brief.
April 22, 2024: Ripple unveils its public, redacted opposition brief, unless confidential.
May 6, 2024: SEC delivers its reply brief under seal.
May 8, 2024: SEC releases a public, redacted reply brief.