After failing to win the suit over Ripple, the SEC is expected to submit a motion for reassessment.
Ripple vs SEC: The Latest Updates
In a conversation, Robert Cohen, a retired SEC Division of Enforcement Chief, was asked about the implications of the agency’s defeat to Ripple. To this, Cohen highlighted connections between the agency’s criminal investigation against Blockvest LLC and the continuing Ripple dispute.
Cohen went on to say that on the 27th of November, 2018, the SEC was defeated when Justice Curiel of the US District Court for the Southern District of California denied the SEC’s application for a temporary judgment in SEC vs Blockvest, LLC.
Although the SEC’s misleading statements were in the defendant’s online posts, the court dismissed the US agency’s temporary restraining order application.
This did not survive long and drew considerable industrial criticism. As a result, on the 17th of December, 2018, the SEC petitioned for a biased review of the November decision.
The judge approved, partially, on the 14th of February 2019, the SEC’s move for reassessment, citing new information and an objection that the tribunal had neglected.
As a result, the SEC brushed aside its initial defeat and proceeded to look for most of the federal securities laws to terminate the fraudulent charges.
Cohen feels that if the SEC gets defeated against Ripple, the level of publicity the dispute has received from the media and the industry would see a negative effect.
Conversely, the Agency has a proven historical pattern of applying the absolute power of federal securities regulations to correct errors in district court judgements.
As a result, a victory in the SEC vs. Ripple litigation may not be the conclusion of the journey for the transactions powerhouse, Ripple. The Agency is inclined to chase Ripple until it obtains a favourable verdict.
At the moment, Ripple’s XRP is trading at $0.31 with a surge of 2.18% over the last 24hrs.