Ripple lawsuit sees biggest twist in months
As the US Supreme Court rules in favor of Ripple’s fair notice defense, the XRP community expresses slight optimism. However, XRP price lost 3% in one week.
The SEC vs. Ripple case has been going on for over two years since 2020. The US Securities and Exchange Commission (SEC) then accused the remittance firm Ripple of illegally raising $1.3 billion by selling XRP tokens in an unregistered securities offering.
In a recent development, Ripple wrote a letter to the US District Court on the issue of fair warning by the SEC. It cited a recent Supreme Court ruling favoring the blockchain company’s fair notice defense.
In the letter dated March 3, Ripple highlighted that the prior advice provided by the government appears to clash with its current litigating position. The conclusion significantly supports Ripple’s fair notice defense.
The letter refers to the recent decision that US taxpayers will face penalties for failing to reveal their offshore bank accounts.
The SEC is under fire for how it’s choosing to regulate the crypto space, seeing that the agency is filing new actions against other industry members.
The SEC’s Ripple action is seen as a war against the cryptocurrency sector, according to XRP holders’ lawyer John Deaton, who urged companies currently engaged in legal battles with the SEC to “exchange ideas.”
The XRP team used the case of Bittner vs. SEC as an illustration and pleaded with the US district judge Analisa Torres to emphasize the significance of issuing a fair warning to the globe in a language that the world will comprehend.
The XRP community has been anticipating a successful resolution to the ongoing dispute, which could be a significant triumph if the court rules in favor of Ripple.