A court ruling would ratify that the SEC (Securities and Exchange Commission) did not notify Ripple Labs of a possible violation of its laws. This has been ruled by Judge Analisa Torres in the sentence issued last Friday March 11, 2022.
The judicial documentation of the judge who instructs the SEC case against Ripple Labs, would allow this company to use a fair notice defense. This would indicate that the SEC had not issued a notice of a possible violation of its legislation. something that is very positive for Ripple Labs as it could lead to a win judicial.
🚨JUDGE TORRES DENIES SEC MOTION TO STRIKE FAIR NOTICE DEFENSE.
JUST ADDED to our Document Library:
✅Order from Judge Analisa Torres that Denies the @SECGov Motion-to-Strike @Ripple‘s Fair Notice Defense 👇 https://t.co/5LuEauaWAd— CryptoLaw (@CryptoLawUS) March 11, 2022
Stuart Alderoty, general counsel of Ripple Labs has indicated on Twitter:
Today’s order makes it clear there’s a serious question whether the SEC ever provided Ripple with fair notice that its distributions of XRP – since 2013 – would ever be prohibited under the securities law. https://t.co/d1X6BWDR5i
— Stuart Alderoty (@s_alderoty) March 11, 2022
“Today’s order makes clear that there is serious doubt as to whether the SEC ever gave Ripple fair notice that its XRP distributions, dating back to 2013, would ever be prohibited by securities law.”
Brad Garlinghouse, CEO of Ripple Labs, has commented on his Twitter account what this statement is “a big win”.
After publishing this documentation, the token XRP has presented a revaluation of approximately 15%. It stands out as the cryptocurrency market at the time was in a downward price correction.
Why is the SEC going against Ripple Labs?
we have to go back at the end of December 2020. The SEC sued Ripple Labs and executives Brad Garlinghouse and Chris Larsen. The reason for the lawsuit indicates an illegal sale of unregistered securities related to the XRP token. Since then there is a legal battle on both sides. Ripple indicates that your XRP token is not a security.
Disclaimer: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information set forth herein should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
Investments in crypto assets are not regulated. They may not be suitable for retail investors and the full amount invested may be lost. The services or products offered are not aimed at or accessible to investors in Spain.