JAKARTA – The legal dispute between Ripple Labs and the SEC which has been going on since the end of 2020 is still ongoing. A number of parties are optimistic that Ripple will win this case. In fact, renowned lawyer John Deaton estimates that Ripple has a 90% chance of winning, while the SEC only has 10%. What is the reason behind this prediction?
One factor that supports Ripple is Judge Analisa Torres' decision which states that XRP is not a security when traded on the secondary market. This means that Ripple's sale of XRP does not violate the securities laws alleged by the SEC.
In addition, the SEC also experienced several defeats in this case, including the dismissal of charges against Ripple executives and the failure to sue Ripple by requesting a certain amount of funds from the sale of XRP.
Recently the court rejected the SEC's request to file a fine against Ripple. This is because the SEC cannot show evidence of financial losses experienced by investors.
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If the SEC cannot demonstrate investor losses, then the sanctions it can impose on Ripple will be very low. Many people predict that Ripple will only pay a fine of 20 million US dollars (IDR 311 billion) or less. This is considered a big win for Ripple. Thus, Ripple will be able to continue its business without significant legal obstacles.
Meanwhile, this case is still developing with a new order from Judge Analisa Torres asking the SEC and Ripple to submit a briefing schedule regarding institutional sales of XRP.
This is part of a still unresolved lawsuit, relating to alleged violations of securities laws by Ripple.
Both parties were asked to provide a joint briefing schedule no later than November 9. The Ripple versus SEC case is not only a highlight in the world of digital currencies, but also has a broader impact in the scope of digital currency regulation.
The cryptocurrency industry is still adapting to changing legal regulations, and the final outcome of this case will determine the regulatory framework going forward.
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