Ripple vs SEC: Response on May 6 could seal the course of the case

In a recent development in the crypto community, the ongoing lawsuit involving Ripple Labs and the US Securities and Exchange Commission (SEC) could set a definitive course next week. Recently, the XRP community has been anticipating that the regulator will submit a brief response by May 6 (next Monday) in response to the company’s opposition to the SEC’s request for a fine of approximately US$2 billion.

Following recent developments in the lawsuit, the US regulator is expected to submit its comment regarding Ripple’s opposition by May 6. There is some speculation from market experts regarding the SEC’s action in persisting in its tireless search for punitive and injunctive restitution, thus restricting the company from engaging in new institutional sales of its native token, XRP.

On April 29, the regulator made its presentation related to opposing Ripple’s motion seeking to eliminate new SEC specialized materials. These documents are expected to be the final presentation before Judge Analisa Torres’ ruling on Ripple’s penalty for selling XRP to institutional investors.

It is worth remembering that Ripple recently opposed the SEC’s proposed $2 billion in fines. Ripple’s chief legal officer, Stuart Alderoty, highlighted that the company’s opposition to the SEC’s order has been made public.

Ripple opposition

The giant Ripple presented its opposition to the request of the US Securities and Exchange Commission (SEC) for the company to pay a billion-dollar fine of around US$2 billion. The company filed a court document on April 22.

Last month, the United States Securities and Exchange Commission (SEC) set its sights on a whopping $2 billion fine against Ripple Labs, the driving force behind the cryptocurrency XRP. This bold move, announced by Ripple’s chief legal officer Stuart Alderoty, marked yet another chapter in the ongoing confrontation between regulators and crypto entities.

Alderoty recently announced that the company’s opposition to the SEC’s order has been made public. “Our opposition to the SEC’s call for $2 billion in fines for legacy institutional sales is now public. In a case that had no allegations (or findings) of recklessness or fraud, and in which Ripple prevailed on significant issues, the SEC’s order is just further proof of its continued bullying of all cryptocurrencies in the US. We remain confident that the judge will approach this final phase of solutions fairly,” he wrote in a post on X on April 22.

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