US SEC Might Face Jury Over Ripple’s Fair Notice Defence
XRP News: The crucial legal battle between Ripple Labs and U.S. Securities and Exchange Commission (SEC) is moving towards the much anticipated summary Judgment. It is expected that a verdict in the XRP lawsuit will provide regulatory clarity to the crypto industry, however, it can see a slight in the process.
Also Read: Ripple’s Fight Over Fair Notice With US SEC Extends
US SEC Giving Irrelevant Arguments
Defendants Ripple Labs, Brad Garlinghouse and Chris Larsen filed their reply to the commission’s letter of Supplemental Authority. The US SEC in order to secure Summary Judgment in the XRP lawsuit mentioned a court opinion from the SEC vs Commonwealth Equity Servs. However, Ripple slammed the US watchdog stating that it is an out-of-circuit, unpublished district court opinion.
The US SEC is trying to ditch and defend the Fair Notice argument raised by the Ripples and defendants. The Commonwealth case depicts that the defendants cited that there is no prima facie case evidence that can support its defense. Read XRP News Here…
Also Read: XRP Leading Top Altcoins Rally
Attorney John Deaton, Amicus curiae in the XRP lawsuit stated that the Fair Notice Defense (FND) is pled as Ripple’s Fourth Affirmative Defense. He added that Ripple’s FND argument is different as it is specific to XRP. The defendants’ argument states specific facts of how the U.S SEC and other agencies treated XRP.
He claimed that the defendants’ Fair Notice Defense is strong. There is a real chance that Judge Analisa Torres rules the FND to be decided by Jury. However, it is only possible when she finds that any XRP sales violated the law.
It is suggested that Judge Torres might not consider FND until she rules that Ripple offered/sold XRP as a security. However, if she decides that Ripple didn’t offer/or sale XRP as security at any time then Defendants wins outright.
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