Why XRP Lawsuit Verdict Is Likely To Delay Further

Ashish Kumar
April 12, 2023
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Is the Ripple (XRP) Lawsuit Over

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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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.