Ripple’s $2B penalty looms after SEC rebuffs Binance comparison

The legal battle between Ripple and the SEC has been going on for several years now, and there is another update.

Ripple recently filed a Notice of Supplemental Authority after US courts rejected the SEC’s claims regarding Binance. The regulator had previously stated that BNB’s secondary market transactions matched the criteria for securities.

After the claims were rejected, Ripple tried to leverage it for XRP’s case. In response, the SEC stated that the Binance ruling was of no consequence to Ripple. The response dictated that Ripple has underscored one observation in the 90-page-long ruling.

The venture is trying to leverage one general observation to deny that Ripple acted recklessly without regard for the law. The SEC added that Ripple managed to omit the part of Binance that can conceivably have relevance to the remedies. 

The SEC has focused on additional factors in the Binance ruling, including fair notice. The legal concept requires that individuals be aptly informed of any legal actions or claims against them.

The purpose of fair notice is to ensure that the entity facing the charges gets the opportunity and information to defend or respond. On this topic, the SEC has stated that the majority of XRP’s sales are at issue in such cases.

Currently, XRP is priced at 0.4573 dollars, with a 4.78% dip in the past 24 hours. According to the latest XRP price prediction, Ripple can end the year at the lowest of 0.51 dollars and a maximum of 1.21 dollars.

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It remains to be seen how the lawsuit will unfold, hanging Ripple’s fate. The desperation XRP is showing has instilled some uncertainty among investors.

Harsh Chauhan

Harsh Chauhan is an experienced crypto journalist and editor at CryptoNewsZ. He was formerly an editor at various industries and has written extensively about Crypto, Blockchain, Web3, NFT and AI. Harsh holds a Bachelor of Business Administration degree with a focus on Marketing and a certification from the Blockchain Foundation Program. Through his writings, he hold the pulse of rapidly evolving crypto landscape, delivering timely updates and thought-provoking analysis. His commitment to providing value to readers is evident in every piece of content produced.

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