As the legal dispute between Ripple Labs and the SEC intensifies, the cryptocurrency industry is eagerly watching every move.
In the latest update, Ripple’s legal team delivered a compelling response to the SEC’s supplemental letter of authority. The SEC cited a Massachusetts court decision in SEC v. Commonwealth Equity Servs., LLC, which found defendant guilty of violating the negligence-based provisions of the Investment Advisers Act of 1940.
However, Ripple’s legal team does not back down, arguing that the case supports their position, emphasizing the importance of fair notice in legal proceedings. This battle is shaping up to be a watershed moment for the crypto industry as regulators seek to align these markets with traditional financial systems.
Ripple’s legal team argues that the Commonwealth case supports their position, emphasizing the importance of fair notice in legal proceedings. They contend that the SEC’s reliance on Howey’s evidence and his offspring as a source of fair notification is insufficient in this case.
Related: Pro-XRP Lawyer Explains How Gary Gensler May Face Trouble If Judge Rules Against Ripple – Coinpedia Fintech News
Impact on the crypto industry
The legal battle between Ripple Labs and the SEC has significant implications for the broader cryptocurrency market and the regulatory landscape for digital assets. As of April 2023, Ripple (XRP) is the seventh largest cryptocurrency by market capitalization, with a market capitalization of over $60 billion. The ongoing SEC case against Ripple has caused significant volatility in the XRP market.
ThinkCrypto host Tony Edward tweeted that a ruling in favor of Ripple in the ongoing lawsuit between the SEC and Ripple would be great for the XRP cryptocurrency. He believes that if Judge Torres issues a ruling in the next few days, he would allow XRP to take advantage of the bullish momentum and pump.
Tomorrow or Monday would be a good time for Judge Torres to issue a ruling on the #SECOND against #Vibe lawsuit. This would allow #XRP to take advantage of the bullish momentum and pump! 🚀
— Tony Edward (Thinking Crypto Podcast) (@ThinkingCrypto1) April 14, 2023
The outcome of the case could have significant implications for the cryptocurrency market in general, particularly with regard to the classification of digital assets as securities. The case will also have implications for the regulatory landscape for digital assets, as regulators seek to align these markets with traditional financial systems.
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This post Ripple v SEC Clash Continues in Court – XRP Team Strikes Back!
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