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- Ripple (XRP) defendants respond to SEC’s letter on summary judgment.
- Commonwealth LLC case ruling raises concerns about Ripple vs SEC.
- Defendants argue SEC lacked clarity on XRP’s security classification.
In a recent post on X (formerly Twitter), James K. Filan, a defense attorney and former prosecutor, shared the response filed by Ripple (XRP) defendants regarding the Securities and Exchange Commission’s (SEC) Letter of Supplemental Authority concerning the SEC’s Motion for Summary Judgment.
#XRPCommunity #SECGov v. #Ripple #XRP The Ripple Defendants have filed their Response to the SEC’s Letter of Supplemental Authority regarding the SEC’s Motion for Summary Judgment. pic.twitter.com/SPWnzxhKxx
— James K. Filan
(@FilanLaw) April 13, 2023
(@FilanLaw) April 13, 2023Earlier this month, a District of Massachusetts court ruled in the case against Commonwealth Equity Services LLC, raising concerns within the ongoing Ripple versus SEC litigation. Sources familiar with the report indicated that the court granted the SEC’s motion for summary judgment, leading to worries about the potential impact on the Ripple case. The defendants in the Ripple case have subsequently clarified that the court ruled in favor of the SEC in that specific instance.
Ripple Defendants Cite Precedent in Case
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The defendants in the Ripple case have argued that the ruling in the Commonwealth LLC case actually supports their position in the ongoing lawsuit. Additionally, Ripple has emphasized the importance of fair notice in legal proceedings. The Ripple team firmly believes that the SEC’s guidance on classifying XRP as a security lacked clarity, thereby depriving XRP of fair notice. Consequently, they argue that any charges brought against them are unjustified.
Recently, Jungle Inc, a member of the Ripple House of Representatives, tweeted that it had submitted a letter of reconciliation to the SEC. According to Ripple’s team, they agreed to cooperate and outlined the terms they would abide by.
As part of their agreement, XRP would pay an amount deemed fair by the SEC to ensure investor protection and education. Additionally, the House of Ripple is committed to providing transparent and comprehensive disclosures as prescribed by the SEC to build trust and confidence among the investing public.
The price of the XRP token is currently on a bullish trend, having surged by 2.52% over the last 24 hours. As of now, the token is trading at $0.5257.
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