Ripple SEC Update: Ripple Case Favours SEC, Chevron Ruling Deemed Irrelevant by Lawyers
In the ongoing legal battle between Ripple and the U.S. SEC, former SEC lawyers have weighed in on the likely outcomes of the case. Retired SEC securities lawyer Marc Fagel clarified that the recent Supreme Court ruling on Chevron deference does not have a direct impact on SEC enforcement actions like the one against Ripple.
Chevron Deference Has No Impact
According to Fagel, Judge Torres did not defer to the SEC in her mixed summary judgment ruling, emphasizing that courts determine for themselves whether a defendant has violated the law without giving deference to the SEC.
Additionally, ex-SEC lawyer James Farrell suggested that the SEC may have an advantage in the remedies phase of the case, citing Judge Torres’ awareness of the $770 million in XRP sales that allegedly violated securities laws. The key points of contention include the percentage of these sales Ripple must pay the SEC, potential additional penalties, and whether Ripple is still in violation of the law.
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Binance Partial Legal Victory
In a related development, the decision in SEC vs. Binance, where Judge Jackson dismissed the SEC’s claim on Binance’s BNB secondary sales, has implications for the Ripple lawsuit. This decision highlighted the distinction between programmatic sales and secondary sales, which may influence the outcome of the Ripple case and the broader issue of regulatory clarity in the crypto space.
Attorney Jeremy Hogan noted that Binance’s legal victory could strengthen Ripple’s argument for lighter injunctions and fines, given the lack of consensus on the classification of cryptocurrencies as securities.
Meanwhile, the price of XRP experienced a slight 1% decline in the last 24 hours, currently trading at $0.48. Notably, trading volume has increased by 16% during this period, signalling heightened activity among traders.
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