Ripple reveals strategy to fight SEC’s delay tactics, XRP price struggles to recover
- The US Securities & Exchange Commission’s lawsuit against Ripple labs is a long battle, and the regulator has new delay tactics.
- Ripple’s lawyers are working on a strategy to fight the SEC’s tactics that delay the lawsuit against the payment giant.
- Ripple’s team argues that the SEC’s public enforcement actions on cryptocurrencies, filed before the lawsuit, should not be considered.
Based on the latest SEC vs. Ripple lawsuit developments, proponents believe that the regulator is employing delay tactics. Ripple’s team of lawyers oppose the SEC’s inappropriate request.
SEC deploys delay tactics in lawsuit against Ripple
The lawsuit against payments giant Ripple has raised concerns among XRP holders. The US regulatory watchdog has filed a ‘Sur-Sur-Reply’ on February 23, 2022, regarding a motion to strike Fair notice defense.
Proponents have reviewed the new update on the lawsuit against the payments giant Ripple and believe that the regulator is employing delay tactics. Ripple’s team of lawyers believe that the SEC is misleading the characterization of its prior enforcement actions on cryptocurrencies.
On February 10, 2022, Ripple’s team of lawyers filed a Sur-Reply on the SEC’s motion to strike the Fair Notice Affirmative Defense. The payments giant’s objective is to oppose the regulator’s inappropriate request for judicial notice.
Ripple’s response to the SEC’s actions strikes an affirmative defense alleging Ripple’s unregistered offers and sale of digital assets, not amounting to fraud.
James Filan, a defense lawyer and Ripple proponent, recently tweeted about Ripple’s response to the SEC’s update on the lawsuit.
#XRPCommunity #SECGov v. #Ripple #XRP SEC files request to file Sur-Sur-Reply regarding Motion to Strike, citing SEC v. LBRY decision in which New Hampshire federal judge granted judgment on the pleadings on an unrelated selective enforcement defense.https://t.co/zbEXz7K53Y
— James K. Filan (@FilanLaw) February 22, 2022
Ripple’s team of lawyers filed a response to the SEC’s update within hours. The filing was expected to delay the outcome of the SEC vs. Ripple case; however, the regulator attempted to introduce new material and an argument based on a pre-decided case.
Proponents note that a trial would have offered a different outcome to the SEC vs. LBRY case.
FXStreet analysts believe XRP has developed a bullish continuation pattern before breakout to $1.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
