Ripple VS Sec: Judge Netburn Advances XRP Lawsuit With New Scheduling Order

The post Ripple vs. SEC: Judge Netburn Advances XRP Lawsuit with New Scheduling Order appeared first on Coinpedia Fintech NewsMagistrate Judge Sarah Netburn has issued a new scheduling order in the years-long legal battle between Ripple Labs and the United States Coinpedia Fintech News. Coinpedia Fintech News recent nomination as District Judge in the Southern District of New York has not impacted her role in the Coinpedia Fintech News case, where she has continued to preside with a reputation for fair rulings. This is viewed as a positive sign by the crypto community, considering her history of rulings in this case. SEC’s Last Date To RespondAfter Judge Netburn was nominated to preside over the Ripple vs SEC case, the respected pro-crypto judge granted an extension for the SEC to file their rebuttal to Ripple’s motion until April 29, 2024. Following this, Ripple will have three business days to respond.This order is crucial as it addresses Ripple’s motion to dismiss the SEC’s recent expert submissions, which seek to strengthen the SEC’s case for remedies and a final judgment. Ripple maintains its rigid stance against the SEC overstepping its legal boundaries.  The Current Arguments in Ripple vs SEC CaseRipple had contested the SEC’s proposed civil penalties, suggesting a settlement of $10 million instead of the $2bn sought by the SEC. Ripple argues that the SEC’s claims are overstated and not supported by sufficient evidence. Additionally, Ripple has challenged the SEC’s basis for disgorgement, arguing that there is no substantial evidence of financial harm resulting from Ripple’s actions. To support their stance, the defendants have also cited the Govil case which highlights the lack of evidence for future violations or reckless behaviour in its institutional XRP sales. Ripple argues that legitimate business expenses should be deducted from any disgorgement calculations.A key point in Ripple’s defence has been the argument that its On-Demand Liquidity (ODL) sales do not constitute investment contracts, as alleged by the SEC. Customers hold XRP for only a few seconds to facilitate cross-border payments, indicating that the primary use of ODL is for transactional purposes, not investment.Ripple’s case rests on the claim that XRP is not intended to be an investment vehicle. This argument is central to refuting the SEC’s classification of XRP as a security. By maintaining its arguments that the SEC has not proven reckless behaviour or a high probability of future violations, Ripple aims to discredit the SEC’s demand for disgorgement and large civil penalties.   Overall…The Ripple vs. SEC case continues to be a significant legal battle with implications for the broader cryptocurrency industry. Judge Netburn’s recent order and Ripple’s defense arguments highlight this high-stakes litigation’s ongoing complexities and nuances.More By This Author:Ethereum Sees Decline In Whale Interest Amid Rising Bearish Threats: What’s Next For ETH Price?Bitcoin Halving Marks Digital Scarcity Era, Market Anticipates Strong Rally For Hedera Competitor XRP Surges 12% As Bulls Take Charge, Expert Raises Target To $1.4