Ripple Labs Inc., in court documents on Friday, revealed that a recent decision by the US Supreme Court, the US Securities and Exchange Commission (SEC) XRP He said he supported one of the company’s key defenses in his lawsuit.
Ripple Says Latest Court Order Supports Its Own Defenses
The San Francisco-based blockchain payments firm said Tuesday that the decision limiting the government’s power to impose fines on U.S. taxpayers who fail to report foreign bank accounts highlights that federal law should give “fair warning” about what they prohibit.
Ripple has asked US District Judge Analisa Torres to consider this decision when deciding on the case in question.
The SEC argues that Ripple former and current executives earned $1.3 billion in revenue from the sale of XRP tokens created by the company in 2012, and that the XRP token is an unregistered security.
Ripple and its executives denied the allegations, and the company argued that XRP was traded and used as a digital currency.
The SEC asked Torres to decide that Ripple received fair notice that XRP is a security under US law. Ripple and executives have said that the question of whether the law is ambiguous should go to court.
Torres may decide that holding a hearing to determine whether XRP is a security is unnecessary or limit the issues that go before a jury. A decision to be made in the case will cryptocurrencies will better define what is considered a security.
*Not investment advice.
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