The Ripple firm seems strong at this point in the ongoing lawsuit fight against US regulators.
Ripple is a San Francisco-based Fintech firm, which supports businesses to facilitate high amount money transfer services with its blockchain technology-based resources. At present, Ripple is facing lawsuit action for its XRP token. The lawsuit was filed by the US Securities and Exchange Commission (SEC) in December of 2020. SEC agency claimed that XRP is a security, which is not registered with SEC, and also Ripple sold more than $1 billion worth of XRP tokens illegally in public.
According to legal experts, all the companies have the right to receive fair notice before any type of lawsuit and investigation but here Ripple claimed that the SEC failed to provide fair notice regarding this case.
In response, Ripple filed its defense motion in court against the SEC agency.
In response to this legal defensive action of Ripple, SEC filed a motion in April 2021 to get discovery process time to prove that Ripple’s XRP token distribution/sale was not under the securities laws of the SEC.
SEC claimed:
“legally insufficient defense on which Ripple cannot prevail as a matter of law.”
In this way, the SEC agency tried to strike the defensive motion of the Ripple company. But here the SEC failed to strike it.
Now, in this case, the SEC agency failed to convince and explain that “granting Ripple’s fair notice defense would result in the SEC suffering undue prejudice.”
court stated:
“The Court shall not conclude, at this early stage of the case, that Ripple’s defense is invalid. Accordingly, the SEC’s motion to strike Ripple’s fair notice affirmative defense is DENIED.”
Ripple boss remains ready against SEC agency
In the present time, Ripple is facing the biggest threat over its growth because of the SEC agency’ filed a lawsuit. And also the SEC agency is considering the Ripple case as a top priority case and also trying its best to win the case to beat Ripple.
This week, the whole Crypto industry talked about the “Executive Order on Cryptocurrencies”. On this Ripple CEO Brad Garlinghouse dragged the SEC agency and claimed that SEC damaged this industry much through its regulation system but Ripple can fix it in collaboration with all other agencies.
Read also: Uganda showing its interest in CBCD: Report
SEC’s motion to strike Ripple’s fair notice defense Denied: Ripple vs SEC
https://bitcoinik.com/secs-motion-to-strike-ripples-fair-notice-defense-denied-ripple-vs-sec/feed/
https://bitcoinik.com/secs-motion-to-strike-ripples-fair-notice-defense-denied-ripple-vs-sec/feed/
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