Recently, James K. Filan shared on Twitter that Ripple (XRP) has submitted a response to the Securities and Exchange Commission (SEC) concerning the SEC’s motion for summary judgment. The response letter of supplemental authority was the subject of Ripple’s reply.
This month, the District of Massachusetts court made a ruling in the case against Commonwealth Equity Services LLC. The court granted the SEC motion for summary judgment, while denying the defendant’s cross-motion for summary judgment. This means that the case is in favor of the SEC, the regulatory watchdo
The SEC rejected Ripple’s fair notice, citing various reasons in the ongoing case between the two parties. One of the main reasons for this rejection was the SEC’s assertion that the decisions made by the Commonwealth court and the Supreme Court in previous cases provided sufficient fair notice, which aligned with the SEC’s stance in the Ripple lawsuit. The SEC claimed that Ripple had been given ample fair notice based on Howey and its related cases.
The Ripple Defendants’ response to the SEC’s Letter of Supplemental Authority is expected to address the SEC’s allegations that Ripple Labs engaged in the unregistered sale of securities. This is a critical issue in the case, as the SEC has claimed that Ripple’s XRP cryptocurrency is a security and should have been registered with the commission.
The Ripple Defendants have been fighting these allegations, and their response to the SEC’s Letter of Supplemental Authority is expected to provide further insight into their defense strategy. It remains to be seen how the SEC will respond to the Ripple Defendants’ filing, but this latest development indicates that the legal battle between the two parties is far from over.
