Ripple’s Fight Over Fair Notice With US SEC Extends
XRP Lawsuit News: Defendants Ripple Labs Inc., Bradley Garlinghouse, and Christian Larsen on Thursday filed a letter in response to the U.S. Securities and Exchange Commission (SEC). The commission has submitted in a letter of Supplemental Authority in order to strengthen its motion of Summary Judgment.
Also Read: Why XRP Lawsuit Verdict Is Likely To Delay Further
SEC Unclear Over Rules
According to the court filings, the defendants mentioned that the commission made a reference to an SEC Vs Commonwealth case. It is an out of the circuit, unpublished district court opinion which provides ‘additional authority” to reject the fair notice defense. However, it is not what the US SEC claims the opinion to be, asserted defendants.
The defendants’ response highlighted that there is no prima facie evidence that supports that the market participants lacked fair notice of an obligation to reveal economic details and conflict of interest that land under the Investment Advisers Act of 1940.
The letter didn’t mention any guidance provided by the US SEC, while, it presented a paid expert opinion who believes that the guidance did not require precise disclosures. It added that there huge number of factual evidence coming from the SEC’s own files and communication with several third parties which depict that market participants are unable to understand what is permitted or prohibited.Read More XRP Lawsuit News Here…
Also Read: XRP Leading Top Altcoins Rally; Ripple Case Verdict Out Soon?
Defendants claimed that there was no such dispute in Commonwealth that the Investment Advisers Act applied to the defendant’s conduct. However, the court has already rejected the SEC’s reliance on these kinds of cases.
Ripple asserts that the SEC’s boast of the “unbroken chain of district court decisions rejecting fair notice defenses, on summary judgment, in SEC enforcement actions” is irrelevant.
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