- The ongoing legal battle between the SEC and Ripple intensifies as the November 9 deadline for a joint proposal on briefing schedule regarding remedies looms, with the SEC aiming for a $770 million settlement fee for Ripple’s alleged sale of unregistered securities.
- Former SEC Chair Jay Clayton’s recent remarks in a Squawk Box interview have ignited a strong reaction from Ripple CEO Brad Garlinghouse, emphasizing the high stakes and the charged atmosphere of the legal confrontation.
The Spotlight on Clayton and the Ripple Community’s Quest for Answers
The ongoing legal skirmish between the U.S. Securities and Exchange Commission (SEC) and Ripple has taken a riveting turn as the crypto community keenly observes every move, seeking to decipher the SEC’s motives behind its actions. This weekend, XRP witnessed a slight gain of 0.33%, closing the session at $0.5451, despite a loss of 1.90% on Friday. The crypto market’s focus, however, remained fixated on the unfolding legal drama.
Jay Clayton, the former SEC Chair, has found himself at the center of attention following an interview with Squawk Box. Brad Garlinghouse, the CEO of Ripple, did not hold back in expressing his frustration and calling out what he perceives as glaring hypocrisy in Clayton’s statements. Garlinghouse highlights the intense legal battle’s gravity, referencing Clayton’s role in initiating the lawsuit against Ripple and then promptly leaving office.
Clayton’s remarks in the interview, underscoring the necessity for the SEC to be challenged by the courts to ensure due diligence in case selection, have sparked a flurry of responses. John E. Deaton, an Amicus Curiae attorney and founder of CryptoLaw US, echoed Garlinghouse’s sentiments, commending his restraint and highlighting the challenges of navigating today’s complex fintech landscape.
The Clock is Ticking: November 9 and the Search for Resolution
As the legal proceedings advance, all eyes are on the impending November 9 deadline, as per the court’s order, for the SEC and Ripple to either agree on a briefing schedule regarding remedies or request the court to set one. The backdrop of these legal maneuvers is the SEC’s pursuit of a substantial $770 million settlement fee from Ripple for allegedly selling unregistered securities to institutional investors.
Ripple, armed with potentially game-changing documents related to the infamous Hinman speech, wherein former SEC Director William Hinman stated that Bitcoin and Ethereum are not securities, appears to be in a position of strength. The SEC’s multiple attempts to shield the Hinman documents have been thwarted by the court’s orders, adding a layer of complexity to the ongoing legal saga.
On the price action front, XRP remains resilient, holding above crucial support levels. The crypto’s performance in the coming days will be crucial, influenced not just by market forces but also by the twists and turns of the SEC vs. Ripple legal saga.
