Pro-XRP lawyer Bill Morgan emphasized the significant hurdles the U.S. Securities and Exchange Commission (SEC) poses to a settlement with Ripple. Amid the ongoing Ripple vs SEC legal battle, the regulatory agency is expected to make a slew of appeals to deter the defendant’s victory.
Ripple Vs SEC Settlement To Delay
In a post on X, Morgan highlighted the SEC’s pursuit of an injunction to halt Ripple’s On-Demand Liquidity (ODL) sales and its intent to appeal programmatic sales as major obstacles. Morgan stated, “The SEC seeking an injunction that would stop ODL sales and the SEC’s intention to appeal on programmatic sales are bigger obstacles to settlement.”
Moreover, these actions by the SEC indicate a prolongation of the legal dispute between Ripple and the regulatory agency. Morgan’s remarks shed light on the complexities surrounding the ongoing litigation and the challenges faced by both parties in reaching a resolution. In addition, the XRP price is also expected to suffer amid the SEC’s pursuit of barring Ripple’s win.
Furthermore, the operations of Ripple and its subsidiaries could be compromised as ODL sales serve as one of the primary constituents. However, if the Ripple vs SEC case eventually reaches a settlement, XRP supporters believe that the crypto’s price will skyrocket. In addition, Morgan echoed the sentiment and predicted that the XRP price could hit $1 after the settlement, which is currently around $0.50.
April 29 Deadline Inches Closer
Furthermore, the SEC is expected to reply to Ripple’s motion that opposes the exorbitant penalty levied by the agency. Last week, Magistrate Judge Sarah Netburn issued a new scheduling order. This order concerned Ripple’s plea to dismiss the SEC’s latest expert submissions, which are aimed at pushing the case for remedies and a final judgment.
Judge Netburn granted an extension for the SEC until April 29, 2024, to submit their rebuttal to Ripple’s motion. Subsequently, Ripple will have a three-day window to respond. Amid her recent nomination as District Judge in the Southern District of New York, Judge Netburn continues to preside over the Ripple vs. SEC case. Moreover, her consistent and fair rulings have garnered favor from the crypto community.
Ripple is pushing back against the SEC’s proposed civil penalties in the ongoing legal battle. The blockchain payments company opposes the SEC’s push for hefty civil penalties, suggesting instead a penalty capped at $10 million. Ripple argues that the SEC’s claims are exaggerated and lack substantial evidence.
Furthermore, Ripple has addressed the absence of evidence supporting future violations or reckless behavior in its institutional XRP sales. Hence, the SEC’s response and Ripple’s further counter would serve as focal points in determining whether the Ripple vs SEC case will reach a settlement soon.