Ripple wins a small battle in its war with the SEC…Details here
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Answer Ripple wins a small battle in its war with the SEC…Details here
On Friday, Ripple scored another significant win as US District Judge Annalisa Torres rejected the Securities and Exchange Commission’s proposal to strike out Ripple’s fair notification defense.
The Securities and Exchange Commission (SEC) filed a request last April to strike out Ripple’s fair notification defense, which seeks to have the court provide the SEC with some information through discovery and evidence orders and thus prospect and scrutinize XRP distributions in 2013. .
It told Ripple that, if approved, it would seek to prove that the SEC was familiar with what it now claims was a regulatory blot last April.
In response, the Securities and Exchange Commission (SEC) urged the court to strike out Ripple’s proposal at the pleadings stage because it is a legally insufficient defense.
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The authority also wrote to the court to attach some regulations in an effort to strengthen its movement in the case.
Accordingly, the court on Friday found that the SEC had failed to persuade it on the issue of striking out Ripple’s Fair Notice of Positive Defense by not citing the statutes of the case as it was at the pleading stage.
future case:
What remains now is for the case to move to a full hearing, given that the court also rejected a double motion filed last April to dismiss a lawsuit brought by Brad Garlinghouse, CEO of Ripple and co-founder Chris Larsen, to strike the defendants.
The Ripple case brought by the SEC in December 2020 was a thorn in the foot for XRP holders who remain optimistic that the two sides will reach a settlement without going through the full trial, or better yet, a trial and Ripple winning.
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But in any case, it will take more time.
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