The central theses
- Ripple has filed a new legal memorandum to counter previous SEC filings.
- The memo alleges that the SEC misquoted Ripple’s statements in its previous attempts to dismiss Ripple’s defense.
- This is the latest development in an ongoing legal battle over whether Ripple’s XRP sales are unregistered securities.
Share this article
As part of an ongoing lawsuit, Ripple has opposed the SEC’s previous legal filings by filing a new legal memo. This memo alleges that the SEC misquoted key parts of Ripple’s defense.
Ripple Lawsuit continues
In December, the SEC filed a lawsuit against Ripple alleging that the sale of XRP constituted an unregistered security offering.
As the proceedings continued, Ripple attempted to defend itself by arguing that there was a lack of due process and fair notification to the SEC. Ripple also called for the discovery of SEC documents.
In April, the SEC filed a motion to dismiss, arguing that Ripple’s defense and claims would impose unfair obligations on it.
In a new memorandum, Ripple has accused the SEC of having left out “important parts of the discussion” in its motion to dismiss its claims.
Ripple Claims SEC misquoted it
Initially, the SEC quoted Ripple on the grounds that their request for communication “[had] great relevance … too [its] fair defense. “However, according to Ripple, the full statement implies that the request was relevant to whether or not the defense was successful.
Ripple reiterated the statement in today’s memorandum, which states, “The discovery is relevant” as well “to the defense by fair announcement” as it is … to whether the individual defendants were inconsiderate or knew that XRP was classified as safety would be. ‘”
Second, Ripple claims the SEC misquoted a statement by the judge on the case. In its previous filing, the SEC alleged that the judge on the case said the discovery of internal communications “could potentially be relevant to Ripple’s defense against fair terminations”.
However, Ripple says this is wrong; Rather, the judge stated that the SEC’s indictment merely opened the door to such a discovery.
Will Ripple’s argument work?
It remains to be seen whether Ripple’s claims will take effect. The SEC previously stated that, to its knowledge, “no federal court has accepted a defendant’s argument” regarding the lack of notification.
Given the previous developments in the case, it is almost certain that the SEC will continue to crack down on Ripple’s claims.
It is still unclear when the case will close. Although it could be finalized by the end of the year, each party’s opposition to the other means the case can last until 2023.
Disclaimer: At the time of writing, this author held less than $ 75 in Bitcoin, Ethereum, and Altcoins.
Access to SEC documents helps Ripple’s defense
The judge who leads the SEC’s case against Ripple has ordered regulators to share documents. These documents will reveal the SEC’s stance on which cryptocurrencies are considered securities. Ripple …
Ripple’s defense “legally inadequate,” says SEC
In a new development, the US Securities and Exchange Commission attacked Ripple’s recent legal claims in the ongoing lawsuit. Ripple “Fair Notice” defense falls apart last year …
What is ripple? Introduction to XRP and Ripple Labs
What is ripple? Ripple Labs is a blockchain company that was founded in 2012 and is one of the oldest cryptocurrency-based technology companies. It developed the Ripple payment protocol, a transaction network …
What are non-fungible tokens (NFTs)?
Tokenization works well for commodities like fiat currencies, gold, and physical land. By displaying a fungible asset on the blockchain, goods can be traded around the clock via limitless and smooth transactions. Fungible goods are …