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Ripple v. SEC: Here's Latest Update in Lawsuit

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Fri, 24/03/2023 - 10:28
Ripple v. SEC: Here's Latest Update in Lawsuit
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In a tweet, James K. Filan shared the latest update in Ripple's legal battle with the SEC.

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The regulator has filed its response to the Ripple defendants' letters regarding supplemental authority drawn from the Bittner and Voyager cases.

On March 20, Ripple filed a Letter Notice of Supplemental Authority in further support of their fair notice defense.

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

According to the SEC's response, "the letter set forth stray remarks, lines from Justice Gorsuch's concurring opinion in the Bittner case and a bankruptcy plan confirmation order from the Voyager case."

It added that the defendants contend that the excerpts support their "fair notice" defense.

The SEC disagrees with this and adds that it does not provide any basis to deny the SEC's motion for summary judgment. It also adds that neither decision even involves a "fair notice" defense.

Bittner was mentioned by the SEC as being involved in the Bank Secrecy Act ("BSA") requirement that individuals file an annual report detailing information about certain foreign bank accounts.

Pro-Ripple lawyer Jeremy Hogan took to Twitter to state his viewpoint on the SEC's response: "The SEC (finally) replies to Ripple's supplemental authority," he said.

"While it raises valid points about the Bittner case, its attempt to argue that the Voyager judge did not state that the crypto space faces obvious uncertainty is smirkable," he continued.

Hogan further adds, "I think these are two cases that are bad for the SEC, and this reply negates the Bittner decision a little but doesn't take away much bite from the Voyage judge's ruling. That Voyager order is really good for Ripple."

Hopes for quicker resolution grow

According to a Fox Business piece by Eleanor Terrett, the legal quandary between Ripple and the SEC might soon end. 

The report cites attorneys working on the case as saying that Judge Torres might rule on summary judgment motions in the coming days.

Either Ripple or the SEC might have the victory. Another outcome might be that the judge could order the case to go to trial. The article highlighted three possible outcomes.

Ripple President Monica Long recently stated in a CNBC interview that the company was optimistic about reaching a positive resolution in the SEC case.

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