Court Rejects Ripple’s Fair Notice Defense? What’s The Truth
XRP Lawsuit News: A major precedent in the long running lawsuit between Ripple Labs and U.S. Securities and Exchange Commission (SEC) has set a bullish momentum for the crypto industry. However, the summary judgment has also led to several doubts regarding Ripple’s fair notice defense rejection and XRP’s on demand liquidity sales.
Also Read: XRP ODL Sales Are Security Now? Ripple Exec Looks Unsure
Battle Still On Over Fair Notice Defense?
Stuart Alderoty, Chief Legal Officer at Ripple referred to footnote number 20 from the summary judgment in the XRP lawsuit. He stated that the court makes it clear that the commission’s theories are potentially very much subject to a fair notice defense.
The footnote reads that only the Institutional Sales constituted the offer and sale of investment contracts, the Court does not address defendants’ asserted fair notice defense as to the other transactions and schemes.
XRP Lawyer Comes To Rescue
Pro XRP lawyer, John Deaton stated that there are many lawyers claiming that the judge rejected that fair notice defense. However, this is not true, he asserted. As per the ruling, the judge rejected its application to institutional sales.
He added that judge Torres highlighted that the US SEC enforcement actions in the past provided fair notice related to institutional sales. However, she commented on prosecuting the other sales which is potentially inconsistent with prior cases.
It is important to note that the ruling now allows the defendant to argue fair notice to a jury. However, if other judges agree on this it can prove to be a bad move for the US SEC ahead.
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