Category: Forex News, News

SEC v Ripple Remedies-Related Discovery Enters Final Week

While a punitive disgorgement could impact XRP, SEC plans to […]

While a punitive disgorgement could impact XRP, SEC plans to appeal the Programmatic Sales ruling remain an XRP headwind. Judge Analisa Torres could decide on the penalty for breaching section 5 this summer. An SEC appeal against the Programmatic Sales ruling could extend into 2025 and possibly 2026.

Despite the lack of SEC v Ripple case-related activity, the SEC was under fire over the weekend.

SEC Scrutiny Continues

Ripple Chief Legal Officer Stuart Alderoty responded to a post on X (formerly Twitter) about the SEC and an exodus of senior enforcement lawyers, saying,

“Will any of these lawyers be brave enough to blow the whistle and share details about Gensler’s “controversial leadership” with the SEC’s Office of Inspector General or with the House Committee on Oversight and Accountability?”

Charles Gasparino of Fox News posted the scoop about SEC enforcement lawyers saying,

“SCOOP: SEC bracing for major exodus among senior enforcement lawyers in its crypto assets and cyber unit, according to officials at major law firms who have seen several of the resumes. Fox Business is withholding names to protect privacy; the moves suggest that the bleed of senior staff under Gary Gensler’s controversial leadership of the agency isn’t letting up.”

An exodus of senior enforcement lawyers could debilitate the ability to regulate by enforcement. The SEC v Debt Box case and scrutiny from US lawmakers may convince others to find alternative employment.

In January, the SEC filed a Motion to Dismiss the charges against Debt Box. The SEC dropped the charges against Debt Box after a highly publicized court order. In December, the court ordered,

“The SEC to show cause why it should not be sanctioned for making false and misleading representations to the court.”

Last week, US Senators sent SEC Chair Gary Gensler a letter, raising concerns about the Debt Box case. The recent scrutiny could influence SEC cases against other crypto firms, including Ripple. The US Senators wrote,

“Regardless of whether Commission staff deliberately misrepresented evidence or unknowingly presented false information, this case suggests other enforcement cases brought by the Commission may be deserving of scrutiny.”

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