Crucial May 6 Reply Brief: Ripple (XRP) vs. SEC Could Determine Future of Institutional Sales

• The U.S. SEC is expected to submit a reply brief by May 6 in response to Ripple’s opposition to the regulator’s proposed $2 billion penalty.
• The penalty is a result of the July 2023 victory judgment, where the court ruled that Ripple violated federal securities laws by selling XRP to institutions.
• Ripple has presented compelling legal arguments opposing the SEC’s claims, stating that the XRP sales conducted after the complaint were to accredited investors and were facilitated through ODL transactions.

The SEC is set to respond to Ripple’s opposition to a proposed $2 billion penalty, a development that could have significant implications for the future of XRP and the broader crypto market.

SEC’s Proposed Penalty Against Ripple

In March, the SEC proposed a hefty penalty of approximately $2 billion against Ripple. This came after a July 2023 victory judgment where the court ruled that Ripple had violated federal securities laws by selling XRP to institutions. The proposed penalty includes a civil penalty of $876.3 million, an additional $876.3 million in disgorgement, and prejudgment interest totaling $198.15 million.

Ripple’s Opposition to the SEC’s Claims

In its opposition brief, Ripple presented compelling legal arguments against the SEC’s claims. Ripple contended that the XRP sales conducted after the complaint were to accredited investors an... Read the full article for FREE at COINOTAG!