Ripple Celebrates Big Win in Ongoing Lawsuit, Judge Denies Critical SEC Motion
Ripple Labs celebrated another win in its ongoing lawsuit with the U.S. Securities and Exchange Commission (SEC) with a final settlement starting to take shape.
A recently court order reveals that Judge Analisa Torres has denied the SEC’s motion to prevent the defendants from using a “Fair Notice Defense.”
BOOM! (And I don’t use that term lightly)
The SEC’s Motion to Strike the Fair Notice Defense is DENIED.
This is the one I’ve been waiting for.
NOW the SEC has something to lose. https://t.co/LcRpWysixn
— Jeremy Hogan (@attorneyjeremy1) March 11, 2022
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Speaking with Fox News, Ripple general counsel Stuart Alderoty commented on the Judge’s order:
“Today’s order confirms that there is a serious question as to whether the SEC ever provided Ripple with fair notice that its distributions of XRP – since 2013 – would ever be prohibited under the securities laws. We will continue to fight hard in defending this case so that the industry can get the needed clarity it deserves to move forward and thrive.”
Legal expert Jeremy Hogan, who has been on top of the court case since the start, expects the SEC to appeal the verdict nevertheless.
1.I think this is the kind of case that you could definitely see an appeal happen.
2.Putting the brakes on is hard with the SEC. It’s an independent agency which means that the decision would have to come from a very high level-by which I mean the Board of JP Morgan of course.
— Jeremy Hogan (@attorneyjeremy1) March 12, 2022
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Slighty less good news for the Ripple defense team is that Judge Torres denied a Ripple motion to dismiss the SEC’s individual charges against CEO Brad Garlinghouse and cofounder Chris Larsen. However, Ripple counsel Alderoty remained confident that the allegations will ultimately be dismissed. He told Fox News:
“While we would have preferred the cases against Brad and Chris to end now, the Court has decided to make the SEC prove its claims. We are confident that ultimately all of the SEC’s claims will be dismissed.”
The price of Ripple’s native token XRP surged with 15% to a weekly high of $0.8418 per token and is currently trading at $0.7924 according to CoinMarketCap data.
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Source: igaming
