Ripple Vs SEC: New Motion Filed
• The U.S. Securities and Exchange Commission (SEC) has filed a supplemental authority letter in support of its ongoing move for summary judgment against Ripple.
• The letter referred to the prior lawsuit against Commonwealth Equity Services, where the court found that the defendant had failed to disclose certain conflicts of interest.
• Australian attorney Bill Morgan denied any comparisons between Ripple’s case and Commonwealth’s case.
Background of the Case
The United States Securities and Exchange Commission (SEC) has submitted a supplemental authority letter in support of its ongoing move for summary judgment in the prolonged Ripple case. The securities regulator referred to its prior lawsuit against Commonwealth Equity Services in the letter it sent out yesterday. The District of Massachusetts court’s decision to approve the SEC’s request for summary judgment while refusing Ripple and other defendants’ cross-motions for a decision in their favor was addressed in the article. The Commonwealth court held that, unlike in Upton, its defendant received fair notice by virtue of 50-year old Supreme Court precedent regarding Advisers Act disclosure obligations.
Ripple Responds with Supplemental Letter
More than a month after Ripple submitted a supplemental letter in support of its fair notice defense in its dispute with the securities regulator, the SEC sent a letter in response. With the SEC’s last letter, Australian attorney Bill Morgan made some remarks and denied any comparisons between Ripple’s case and Commonwealth’s case. He said; “If you happen to suppose that there’s reality similarity in promoting an asset like XRP in a market which is 13 years outdated to patrons to whom it owed no put up sale obligations, & a case during which a funding adviser didn’t make all mandatory disclosure of potential conflicts of curiosity…there isn’t any comparability.“
SEC Files Letter Of Supplemental Authority
The SEC draws a comparison between Ripple and Commonwealth because Commonwealth also claimed that a 50-year-old Supreme Court rule on disclosure requirements was insufficient to support an honest discovery. However, the court ruled in favor of the SEC, claiming that fair notice was provided as a result.#XRPCommunity #SECGov v. #Ripple #XRP SEC files Letter of Supplemental Authority in further Support of its Motion for Summary Judgment were issued by both parties after this ruling was made by courts .
The ripple vs Sec legal battle is still continuing as both parties continue to make their cases clear with supporting documents being filed with courts each day .It will be interesting see how this legal battle ends up as both sides have strong arguments on their side making it difficult to predict who will prevail at end .