Ripple vs. SEC: May 6 Reply Brief Could Seal Fate of XRP Institutional Sales

• SEC’s reply brief in the Ripple opposition is due by Next Monday, May 6.
• The reply brief concerns the $2 billion penalty the SEC proposed in March against Ripple.
• Market pundits speculate that the SEC will likely persist in pursuing punitive disgorgement.

The XRP community anticipates that the U.S. SEC will submit a reply brief by May 6 in response to Ripple’s opposition to the regulator’s request for approximately $2 billion in penalties from Ripple.

For context, in the July 2023 victory judgment, the court also ruled that Ripple violated federal securities laws by selling XRP to institutions. Accordingly, the SEC has requested a civil penalty of $876.3 million, an additional $876.3 million in disgorgement, and prejudgment interest totaling $198.15 million, bringing the total proposed fines against Ripple to $1.95 billion. 

Furthermore, when the SEC filed its opening brief on March 22, advocating for an almost $2 billion penalty, it also accused Ripple of persisting in XRP sales to institutional investors post-complaint. As a result, the SEC urged the court to prohibit XRP sales to institutional investors.

However, in its opposition brief last week, Ri…

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