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XRP Lawsuit News: U.S. Securities and Exchange Commission (SEC) filed its reply to the Ripple Defendants’ letters filed in the District Court regarding Supplemental Authority From the Bittner and Voyager cases. It is expected that Ripple’s last filings in the XRP lawsuit might play a vital role in securing the Summary Judgment in its favor.
US SEC Rejects Ripple’s Attempt To Secure Ruling
As per the US SEC’s filing, the agency claims that neither the Bittner v. United States nor the bankruptcy plan confirmation order in Voyager Digital Holdings provides any basis to deny their motion for Summary Judgment. It added that neither of the decisions even include a fair notice defense.
The commission stated that the Supreme Court’s decision in the Bittner case has nothing to do with the fair notice defense the Ripple and Defendants are trying to invoke in order to defeat liability in the civil action. It highlighted that the rule of lenity implied in the Bittner case does not apply to the Civil enforcement context. Read More XRP Lawsuit News Here…
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The US SEC brought up that the lenity mentioned in the Bittner case only applies when a criminal statute contains a ‘grievous ambiguity or uncertainty.’ The commission went on to strengthen its reply by stating that it has on a regular basis provided guidance that crypto asset offerings violate Section 5 if they revolve around the offer and sale of an investment contract.
Taking on the Voyager ruling by the Apex court, the US SEC stated that it won’t help Ripple either as that case involved a bankruptcy plan for the potential sale of crypto assets to another company. However, the commission already booked an objection in the Voyager deal. Meanwhile, the bankruptcy judge overruled the SEC’s objection in a ruling.
Also Read: Bitcoin and Crypto Back on Upward Trajectory Despite SEC’s Crypto Caution
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