The SEC has accused Ripple of engaging in sales practices similar to previous violations in its ongoing legal battle concerning Ripple’s On-Demand Liquidity (ODL) service. This claim stems from Ripple’s recent filings related to the Terraform Labs Consent Judgment.
Lawyer Bill Morgan revealed that the court lacks comprehensive records to determine if Ripple’s current ODL sales violate existing regulations. This uncertainty is further complicated by the SEC’s potential appeal of the summary judgment issued in July, which ruled that XRP programmatic sales are not security contracts.
Pro-XRP lawyer Fred Rispoli predicts a ruling on remedies by Judge Torres by the end of July or early August, with the SEC arguing for $2 billion in fines compared to Ripple’s stance of no more than $10 million. Despite the developments, the XRP community anticipates that the lawsuit may end in an appeals court.
The ongoing legal uncertainty has negatively impacted XRP’s market performance, with a recent decrease in price. The resolution of this case holds significant implications for Ripple and the broader cryptocurrency market, potentially setting a precedent for future regulatory actions.
