XRP News: Ripple’s Defense Against SEC Stablecoin Claims Strengthened by Binance Case

In recent developments, Ripple is facing the SEC head-on in the legal battle. Ripple’s Chief Legal Officer, Stuart Alderoty, found the SEC’s arguments in support of its motion for relief and final judgment to be weak, indicating possible progress toward the end of the trial.

Could this be the turning point XRP holders have been waiting for? Here’s the scoop.

SEC vs. Ripple: A Clash of Interpretations?

Specifically, the SEC attacked Ripple’s planned stablecoin, citing it as grounds for injunctions. However, Ripple could counter this argument with the possible outcome of the Binance lawsuit, in which a ruling on the status of BUSD (Binance USD) as a security is expected to favor Ripple’s position.

Despite the SEC’s efforts, legal experts such as James Murphy believe that Judge Torres could dismiss the SEC’s proposed $2 billion fine against Ripple, which is seen as a significant win for XRP, indicating a bullish trend. Murphy questions the SEC’s argument that institutional investors suffered financial harm, challenging the validity of their request for relief.

However, the SEC claims that institutional investors who paid a lower discount for XRP suffered from being overpriced, causing financial harm. To counter SEC, Murphy questions the interpretation of the facts in the case, indicating a misreading of the Second Circuit’s statement in SEC v. Govil.

SEC’s final answer and latest update

The SEC filed its final response in the latest update, challenging Ripple’s defense. According to the SEC, Ripple acted recklessly and there is still uncertainty about the status of XRP. Despite Ripple’s cooperation, the SEC is concerned about future violations. Ripple’s claims of post-lawsuit compliance are being questioned. Stuart Alderoty, Ripple’s Chief Legal Officer, criticized the SEC’s approach, saying it degrades the SEC’s reputation.

The outcome is expected around September and Ripple plans to introduce XRPL solutions in Japan. Additionally, Ripple is awaiting a court ruling on a request to strike an expert witness, and expects an expedited final ruling within 60 to 90 days.

XRP jumped with SEC attack

Meanwhile, after the SEC lashed out at Ripple’s stablecoins, the price of XRP showed resilience, trading around $0.52 with a slight increase of almost 1% in the past 24 hours. With a market capitalization of $28.3 billion, it is among the top 10 largest cryptocurrencies. Over the past day, it saw a total volume of $993.8 million, indicating increased activity. Despite its current value of $0.512, down from its all-time high of $3.84 in January 2018, XRP still holds great promise for investors.