Ripple filed a memorandum against the SEC motion to strike Ripple’s lack of due process and fair notice affirmative defense in a strongly worded response yesterday. The motion was filed by the SEC in late April and claimed that Ripple’s fair notice defense could lead to unfair supplemental discovery obligations on the agency.
Ripple in its memorandum against the filed motion accused the regulatory body of misrepresenting, omitting key parts in their favor, and also misquoted the judge’s statement to make it sound in their favor. The key parts of the memorandum read,
“The SEC omits key parts of the discussions it cites. First, the SEC provides as an example Defendants’ requests for discovery of certain internal communications at the SEC, and quotes Ripple’s counsel stating that this discovery ‘has a great relevance . . . to our fair notice defense.’
“Second, the SEC represents that Magistrate Judge Netburn ‘reasoned that [the discovery] could conceivably be relevant to Ripple’s fair notice defense.’ The SEC misstated what Judge Netburn said. Judge Netburn stated that the SEC’s own decision to charge the individuals with aiding and abetting — a claim that requires proof of scienter – was sufficient to open the door to this discovery”.
The misquoting of judge could especially play against the SEC in the court given they have made several amendments in the lawsuit even before it made it to court.
SEC on the Backfoot Again
The Securities and Exchange Commission (SEC) filed a lawsuit against Ripple Labs and two of its executives in late December last year and many believed it could be an end of the road for Ripple and XRP at least in the US as more than 10 crypto platforms delisted XRP from their platforms. However, things started to take an interesting turn right from the first court hearing as Ripple’s legal counsel made many groundbreaking revelations in the case right from SEC’s failure to warn exchanges about possible legal consequences for listing XRP even after them enquiring about the same, to SEC accepting that only Ripple and its executive would be liable for infringing security laws by offering XRP.
XRP holders’ lawyer John E. Deaton made it quite clear that SEC is no saint and their latest actions only prove how corrupt they are. He said,
“doesn’t take an expert to see that plenty is very wrong, very corrupt and very outrageous about the SEC’s lawsuit against Ripple”.
SEC has also onboarded two of the top settlement lawyers to help them in their case against Ripple Labs thus raising speculations about the regulatory body looking for a possible settlement in the case.
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