Ripple fights SEC’s allegations with fair notice defense

03/05/2023 12:51 • Blockchain Briefs • 83 views

It is reported that the legal struggle between Ripple and the United States Securities and Exchange Commission (SEC) is still ongoing, and both parties have filed applications that may affect the summary judgment. In the latest update, American defense lawyer James Filan said on Twitter on March 3 that Ripple submitted a letter to support its fair notice defense based on the recent Supreme Court decision in a case.

Ripple wrote to the judge that the US SEC failed to give sufficient fair warning on the legality of XRP

Analysis based on this information:

Ripple, the payment technology company, has been waging a legal battle against the United States Securities and Exchange Commission (SEC) since December 2020. The SEC has alleged that Ripple has violated securities laws by selling XRP, its native cryptocurrency, as an unregistered security. Ripple has denied these allegations and has been fighting back against the SEC’s claims.

The legal struggle between the two parties is ongoing, and both parties have filed applications that could affect the summary judgment. In the latest update, American defense lawyer James Filan revealed on Twitter on March 3 that Ripple submitted a letter to support its fair notice defense based on a recent Supreme Court decision in a case.

The fair notice defense refers to the principle that “no man shall be held criminally responsible for conduct which he could not reasonably understand to be proscribed.” Ripple argues that it was not given fair notice that its conduct regarding XRP was illegal. The Supreme Court decision that Ripple is relying on is in the case of Landgraf v. USI Film Products, which established that statutory provisions that impose criminal liability should not be applied retroactively unless there is clear evidence of congressional intent to the contrary.

Ripple’s move to implement the fair notice defense could be a game-changer in its legal battle against the SEC. By lodging this defense, Ripple hopes to prove that it was never given clear guidance or notice that its sale of XRP constituted illegal conduct.

The ongoing battle between Ripple and SEC has implications beyond the two parties involved. The outcome of this case could potentially set a precedent for the regulation of cryptocurrencies in the United States. If the SEC were to succeed in its claims against Ripple, it could set a chilling effect on the entire industry.

In conclusion, Ripple’s decision to implement the fair notice defense is a strategic move that could prove instrumental in its ongoing legal battle with the SEC. This defense could prove to be powerful in proving that Ripple did not have fair notice to adjust its sales practices and avoid liability. We’ll have to wait and see how this case plays out, as the potential implications of this case reach far beyond Ripple and the SEC.

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Ripple fights SEC’s allegations with fair notice defense

Ripple wrote to the judge that the US SEC failed to give sufficient fair warning on the legality of XRP

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