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Ripple Files Notice of Supplemental Authority in Support of Its Defense, Here's What Triggered This Move

Tue, 03/21/2023 - 10:13
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Godfrey Benjamin
Ripple is using Voyager and SEC case decisions as basis in its own case
Ripple Files Notice of Supplemental Authority in Support of Its Defense, Here's What Triggered This Move
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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.

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.

Ripple Lawsuit: California Plaintiffs Hit Back at John Deaton

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.

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About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.