This challenge arises from a recent court decision in the SEC v. Govil case, which stated that the SEC cannot demand major reimbursements from defendants unless it can demonstrate actual financial harm to investors.
This decision sets a higher standard for the SEC, making it harder for them to request substantial repayments from those accused
Stuart Alderoty, who is the Chief Legal Officer of Ripple, has underlined the potential effects of this ruling on the next phase of the Ripple case. The SEC will need to demonstrate that people who bought XRP did so at prices higher than the current value of $0.61, or else they cannot attribute any provable losses to Ripple.
Jeremy Hogan, a well-known attorney supporting XRP, has also agreed with this point, emphasizing that investors must demonstrate actual financial harm for Ripple to be held responsible.
To establish responsibility, the SEC has to provide proof that investors experienced losses due to purchasing XRP at inflated prices. With XRP’s current price below its previous highs, Hogan believes the SEC might face a significant challenge in proving financial damages.
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