- Ripple no longer relies on its fair notice defence and opposes the SEC’s motion to strike.
- Ripple’s lawyers argued that the Fife case was from a different legal circuit and not legally binding in a New York district court.
- Analysts have predicted a continuation of Ripple’s uptrend after the payments giant filed a response to the SEC.
The payments giant has opposed the US-based regulator’s fair notice defense. The altcoin’s price has posted over 4% gains over the past 24 hours.
Ripple price could continue its climb after the giant’s new filing
The payment giant responded to the Securities & Exchange Commission’s (SEC’s) supplemental authority. Ripple’s lawyers filed a motion to strike the fair notice defense. The SEC cited the out-of-circuit decision in the case against Fife.
Defendants have argued that the case was from a different legal circuit therefore not legally binding in the New York court.
Ripple’s lawyers have argued against the usage of the term “investment contract.” The payments giant has argued that the Fife case is not relevant to the SEC’s allegations against Ripple.
James K. Filan, a defense lawyer and Ripple proponent, recently tweeted about Ripple’s response to the SEC.
#XRPCommunity #SECGov v. #Ripple #XRP Ripple has filed its response to the SEC's Notice of Supplemental Authority regarding the SEC's Motion to Strike the Fair Notice Defense. pic.twitter.com/1QJywlLhcd— James K. Filan (@FilanLaw) January 10, 2022
XRP holders argue against the SEC’s allegations. Since the SEC labeled Ripple’s sales in the secondary market as the sale of securities. John Deaton, an XRP proponent, tweeted about the same:
I filed an action against the SEC 9 days after the enforcement action against @Ripple, not because they sued Ripple but because the SEC was claiming all XRP are securities even XRP traded in the secondary market independent of Ripple - RETROACTIVELY- going back 7.5 years.— John E Deaton (@JohnEDeaton1) January 10, 2022
The new filing by Ripple states:
Fife does not support the SEC’s motion to strike Ripple’s affirmative defense that it lacked adequate notice that XRP is an investment contract.
FXStreet analysts have evaluated the Ripple price trend and predicted that the altcoin’s price is ready to bounce to $0.96.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.