At a time when the broader crypto ecosystem was awaiting summary judgment in the ongoing Ripple v. SEC case, lawyers representing the blockchain payments firm made another proactive move. As shared by defense lawyer James K. Filan, Ripple defendants have filed a Letter Notice of Supplemental Authority in further support of their fair notice defense.
#XRPCommunity #SEC v. #Ripple #XRP Ripple Defendants file Letter Notice of Supplemental Authority in further support of their fair notice defense. It's the decision of Judge Michael Wiles in the Voyager bankruptcy case where Judge Wiles rejected the SEC’s https://t.co/bNlqcaCz5f… https://t.co/UZLktoFYd2— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) March 20, 2023
Per the details shared, the new filing drew on the just-concluded legal brawl between bankrupt crypto lender Voyager Digital and the SEC, in which the court denied the objections of the regulator to prevent sales of the company to Binance.US.
The defendants highlighted the judge's concerns about the vagueness of the basis for which the SEC wanted the sales to be halted, noting that some parts of Binance.US's business and VGX tokens are securities. The judge posited that the SEC has not shared enough details or guidance on the rationale for the position of its prosecutors.
The Ripple attornies claim that the majority of their defense is based on the rationale of the judge as the SEC's claims that XRP is a security are just verbal and lack appropriate explanations.
Will anything change moving forward?
The Ripple v. SEC case has progressed to a level where both prosecutors and defendants have little influence in skewing the direction the judge will take in the case. Based on the latest filing made by the defense attorneys, a whole new range of permutations have been coming in with pro-crypto lawyer John Deaton reemphasizing his belief that Ripple will eventually win the case.
Ripple v. SEC has dragged on since December 2020. Should the case end, many parties will breathe a sigh of relief, especially Ripple, members of the XRP community and the crypto ecosystem as a whole.