Lawyer Jeremy Hogan has shared an exciting U.S. Supreme Court precedent applicable to the U.S. SEC v. Ripple Labs lawsuit as both parties decide to proceed with remedies discovery and briefing regarding institutional sales and other pending claims. He believes it puts the sovereign rights of foreign countries. Pro-XRP lawyers also comment on the legal development.
Ripple vs SEC as a Case of Extraterritorial Effect of US Securities Law
Ripple and the SEC have decided briefing schedule on remedies for its Section 5 violations with respect to its institutional sales of XRP and other parts. The parties will likely go for settlement, but Ripple will challenge the $770 million disgorgement argued by the SEC.
Citing the U.S. Supreme Court’s Morrison v. National Australia Bank case in Ripple lawsuit, lawyer Jeremy Hogan said “This will be interesting as nothing less is at stake than the sovereign rights of foreign countries.”
He asserts that Ripple’s sales must’ve been “in the U.S.” or at least on a U.S. exchange, as per the U.S. Supreme Court. But how the SEC going to proceed with it remains uncertain. Also, if the SEC extends its reach outside the U.S., will the UK, France, and Australia file Amicus Briefs as they did in the Morrison case, which will be ’embarrassing’.
Lawyer James Farell pointed at Judge Torres has already addressed this issue in denying Ripple’s argument at the motion to dismiss SEC v. Ripple lawsuit.
Pro-XRP lawyer Bill Morgan joined the debate and said “I don’t expect it” to happen. He asserts given the jurisdiction issue and implications of SEC v Govil, the SEC and Ripple after going through the agreed procedure, and with all the evidence, the parties are likely to settle it after a reduction in the disgorgement amount.
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