Ripple has taken another win in the XRP Vs SEC case. Presiding Judge Analisa Torres has rejected the SEC’s motion to drop Ripple’s fair notice defense.
Ripple Can Now Claim It Didn’t Get Fair Notice
The motion filed by the SEC was intended to dissuade Ripple from claiming that the committee had not warned it of wrongdoing. The SEC argued that the securities laws are clear about what constitutes a sale of unregistered securities.
In her ruling, Judge Torres stated that the SEC had failed to meet the burden of proof in her case. This included the SEC’s inability to demonstrate that there are no factual and legal grounds that would allow the defense to succeed, as well as that the plaintiff would be prejudiced by the inclusion of the defense against fair notice.
She also acknowledged that Ripples was pleading in the case, noting that the fintech company submitted its defense in a timely manner.
Accordingly, the SEC’s motion to attack Ripple’s fair notice affirmative defense is DENIED, the ruling read.
The win will allow Ripple to continue its fair defense as the case progresses. The defense argues that the committee had failed to provide guidance earlier when the SEC filed a complaint against her in 2020.
Ripple CEO Brad Garlinghouse has even claimed that former SEC commissioner, Elad Roisman, invariably led Ripple to believe there was no cause for concern at a meeting in 2018. Ripple is requesting disclosure of the minutes of the meeting in the Estabrook Notes “. †
The latest ruling has currently garnered praise from the XRP community. One community member even stated that with the ruling, the SEC is now “toasting.”
This is amazing. Oh my god…hard to put into words! The SEC is TOAST! $XRP
— Clueless Krypto (@CluelessKrypto) March 11, 2022
Where is the XRP vs Ripple case headed?
While the ruling is in Ripple’s favor, it could be some time before the case is finalized. Late last month, Ripple attorneys filed for a deferral of a class parallel class action lawsuit until November.
This has led market participants to speculate that the lawyers believe the case would have ended by then.
Likewise, there remains a lot of optimism that the SEC could beat Ripple. In an interview, the SEC chairman was quoted as saying that the securities regulator was not insurmountable and would lose some cases.
The controversial XRP token, meanwhile, has been trading below the $1 mark for a while now. On the day, XRP is trading at $0.75, up 2.50%.
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About the author
Olivia’s interests span the cryptocurrency and NFT and DeFi industries. She remains as fascinated with cryptocurrencies today as she was in 2017 when she first started reading about them. She is actively looking for the latest Crypto related stories. When she’s not writing, she tends to her pet Chihuahua or prepares vegan recipes. Reach me at [email protected]
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