Why XRP Lawsuit Verdict Is Likely To Delay Further
XRP Lawsuit News: The global digital asset industry is waiting for the crucial Summary Judgment in the long running Ripple Vs U.S. Securities and Exchange Commission (SEC). However, the crypto industry might have to wait further for regulatory clarity as the Commission filed a new motion in the XRP lawsuit.
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SEC Another Bid To Secure Ruling
In the bid to support its Motion for Summary Judgment, the SEC filed a letter of Supplemental Authority in the XRP lawsuit. It mentioned the District of Massachusetts court issued the opinion of granting the SEC’s motion for summary judgment while denying Ripple and other defendants’ cross motions for a ruling in their favor.
The fresh filing relates to the fair notice defense that the US SEC seeks to decide against the defendants in its motion for Summary Judgment. However, Ripple attempted to rely on the Upton v SEC case in a fair notice defense yet it lost. Read More XRP Lawsuit News Here…
As per the SEC, in the commonwealth VS US SEC, the court found out that the defendant violated the negligence-based provisions of the Investment Advisers Act of 1940 (“Advisers Act”) relating to its failures to disclose certain conflicts of interest.
The Commission stated that the court went on to reject a due process affirmative defense alleging that the SEC didn’t serve a fair notice to the defendants. The plaintiff didn’t disclose the obligations asserted in the complaint.
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It added that the Commonwealth supports its SummaryJudgment motion for multiple reasons. One of them is its holding that stands with the Supreme Court ruling can provide a fair notice which is as same as the SEC’s position in the XRP lawsuit.
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