- The XRP community is applauding the most recent verdict.
- The SEC could not prove the fine details of its case, according to the Judge.
Another small win for Ripple in the XRP vs. SEC dispute has been recorded. Presiding Judge Analisa Torres refused the SEC’s attempt to throw down Ripple’s fair notice defense. The SEC filed a request to prevent Ripple from claiming that the agency neglected to warn it of misconduct. According to the SEC, securities rules clearly define what constitutes a sale of unregistered securities.
This is what Judge Torres noted in her decision: the SEC could not prove the fine details of its case. SEC failed to show that there is no issue of fact or law allowing the defense to prevail and that the plaintiff would be harmed by a defense of fair notice being included in their argument. Additionally, she recognized Ripple’s participation, noting that the fintech firm submitted its defense promptly.
Short-sigh of Relief
This win will bolster Ripple’s fair notice defense. According to the defense, before the SEC’s lawsuit in 2020, the commission lacked guidelines. Ripple CEO Brad Garlinghouse has accused former SEC Commissioner Elad Roisman of leading the company to think there was no reason for alarm at a 2018 meeting. The “Estabrook Notes” include the meeting minutes that Ripple wants to be disclosed. The XRP community is applauding the most recent verdict.
Even though Ripple achieved this short-term win, the matter may not be over yet. Earlier this month, attorneys for Ripple filed a motion to postpone until November the start of the class parallel class action suit. This has fueled speculation that the attorneys believe the lawsuit will be over by then.
