June 27, 2022

XRP Lawsuit Update: Ripple lawyers argue SEC publicly rebuked its own

2 min read

SEC vs. Ripple LawsuitSEC vs. Ripple Lawsuit

In a current advancement of the continuous SEC vs. Ripple lawsuit, the defense lawyers have submitted a letter to the judge, arguing that the SEC is now rebuking the comments of its commissioners to turn the tables against its authorities and in SEC’s favor. The defendants have called SEC’s attempt to re-emphasize and highlight their end of the argument, lamentable. Ripple’s response specified, “it goes on to openly rebuke these two Commissioners’ thought about views that merely acknowledge what appears and apparent to all … The SEC then asserts that the Commissioners’ statements are legally “unimportant” to their claims of aiding-and-abetting versus Mr. Larsen and Mr. Garlinghouse. This gratuitous effort to re-argue its problematic position by method of an unauthorized sur-reply is meritless.”

(@FilanLaw) July 23, 2021 SEC’s Letter Upon Ripple’s plea for dismissal referring to the comments by 2 of SEC’s commissioners; the SEC composed a letter to Judge Torres arguing the legal irrelevance of the declarations. SEC mentioned that the previous commissioners’ comments could not be used to request a dismissal.

“The Statement at issue is not a declaration of the SEC itself or any sort of binding authority on this Court,” wrote SEC attorney Mark Sylvester in a letter to Judge Torres. “The SEC is appropriate when it explains that statements by individual Commissioners (or a couple of Commissioners), released in a press release or otherwise made public, do not make up the position of the SEC functioning as a Commission– in other words, such declarations bring no legal weight and are merely the specific opinions of the Commissioners who make them … It is difficult to argue that the later statement by a number of the Commissioners is an argument in favor of the defense to the lawsuit that Ripple is advancing, i.e., lack of ‘fair notification.'”, Sylvester included.

Where Ripple is arguing over SEC’s incapability of providing a “reasonable notification” to the business, notifying them of the XRP offense; SEC disagrees and mentions Ripple’s irresponsibility that they neglected security breach.

The post XRP Lawsuit Update: Ripple attorneys argue SEC openly rebuked its own appeared initially on Coingape.