Ripple and SEC continue legal battle with new application filings

03/05/2023 12:51 • Metaverse Matters • 94 views

It is reported that the legal struggle between Ripple and the United States Securities and Exchange Commission (SEC) is still ongoing, and both parties have filed applications that may affect the summary judgment. In the latest update, American defense lawyer James Filan said on Twitter on March 3 that Ripple submitted a letter to support its fair notice defense based on the recent Supreme Court decision in a case.

Ripple wrote to the judge that the US SEC failed to give sufficient fair warning on the legality of XRP

Interpret the above information:

The legal battle between Ripple and the SEC has been ongoing since December 2020 when the SEC charged Ripple and two of its executives with conducting an unregistered securities offering worth $1.3 billion. Since then, both parties have been filing applications that may affect the summary judgment.

In the latest update, Ripple has submitted a letter to support its fair notice defense, which is based on the recent Supreme Court decision in the case of Liu v. SEC. The Supreme Court decision states that the SEC can only seek disgorgement, the return of illegally obtained profits, as a remedy in cases where the profits obtained can be traced to a specific investor.

This new development in the legal battle could be seen as a potentially significant win for Ripple, as it may limit the SEC’s ability to seek disgorgement. However, it is important to note that the case of Liu v. SEC is not directly related to the allegations made against Ripple, and it is still unclear whether Ripple’s defense based on the decision will be successful.

James Filan, an American defense lawyer, tweeted about Ripple’s application on March 3rd. He also noted that the SEC has filed an opposition to Ripple’s request for a fair notice defense. The SEC argues that Ripple was not acting in good faith when it conducted its initial coin offering, as it was aware that it was violating securities laws.

The ongoing legal battle between Ripple and the SEC has had a significant impact on the cryptocurrency market, with many investors and traders closely following the case. The outcome of the case could have far-reaching implications for the cryptocurrency industry, as it could potentially set a precedent for how regulators treat cryptocurrency companies.

In conclusion, with both parties filing applications that may affect the summary judgment, the legal battle between Ripple and the SEC continues to be fought with equal fervor. While Ripple’s application regarding the fair notice defense based on the Supreme Court decision is promising, it remains to be seen what the final outcome will be.

This article and pictures are from the Internet and do not represent SipPop's position. If you infringe, please contact us to delete:https://www.sippop.com/9999.htm

It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.

Ripple and SEC continue legal battle with new application filings

Ripple wrote to the judge that the US SEC failed to give sufficient fair warning on the legality of XRP

Related recommendations