The case between the Securities and Exchange Commission (SEC) and Ripple (XRP) has had several developments over the past few days.
Deadlines and expectations from the SEC-Ripple lawsuit
Some of the developments include Judge Analisa Torres’s dismissal of individual defendants Brad Garlinghouse’s requests and Charles Larsen’s application to have the charges against them dropped. Similarly, the SEC’s motion to stop Ripple from using the Fair Notice Defense was also rejected by Judge Torres. Also, the SEC has reviewed Estabrook’s memo, 2018 Hinman’s speech, etc. Alleging that its internal documents, mainly referred to as DPP documents, were irrelevant to the case after the court rejected an application to dismiss the charges against individual defendants.
Related to the case, attorney James K. Filan, who focuses on securities litigation, noted that if the SEC’s motion is rejected by Judge Sarah Netburn, the securities agency may have to file an appeal with Judge Torres within 14 days of the appeal. Ripple will also have 14 more days to respond to the SEC’s objection, which will begin immediately after the deadline given to the SEC before Judge Torres begins analysis on the matter. The SEC has been given 30 days to respond to this request, which means the securities agency must have a perfect response by April 11, 2022.
Document in favor of altcoin appeared, proving not a security
Perkins Coie, an international law firm, submitted a 49-page document to Williams Hinman on March 26, 2018, to provide legal advice on the classification of cryptocurrencies. Excerpts from the letter read:
A token is never an investment contract per se… The investment contract comes from understanding how to convert the token into useful value.
The letter, which is legal advice to the SEC, was written three months before Hinman’s 2018 speech declaring that Bitcoin and Ethereum are unsafe. Hinman also noted that Ripple (XRP) is not a security, a comment supported by former SEC chairman Jay Clayton in his 2019 letter to Congressman Ted Budd. However, despite these supporting facts that might put the argument about whether XRP is a security or not, the SEC continues to argue that the cryptocurrency falls within its jurisdiction. cryptocoin.com You can follow the Ripple news we conveyed here.
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