Ripple v. SEC: March 5, 2023 Update

Vignesh Karunanidhi
Ripple v. SEC: March 5, 2023 Update
Source: Coinpedia

SEC vs. Ripple is a well-known dispute that has been going on for more than two years. The SEC charged Ripple with marketing XRP as a security, burdening XRP’s potential for long-term price growth.

It is one of the most well-known court battles in the history of cryptocurrencies and a crucial development for industry regulatory worries. A crucial summary decision in the case of Ripple v. SEC is imminent because of fresh developments that could change the outcome.

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In one of the most recent updates, James K. Filan, a US defense attorney, filed a letter backing support for Ripple’s Fair Notice Defense.

Ripple’s fair notice defense asks for clear guidelines

The latest letter filed is based on a statement that supports Ripple’s Fair Notice Defense. “This opinion strongly supports Defendants’ fair notice defense. . . . [because] the government’s prior guidance appears to contradict its present litigating position.”

The filing is regarding the recent ruling on imposing penalties on American taxpayers for failing to disclose their offshore bank accounts.

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The XRP team cited Bittner v. SEC as an example and urged the US district judge to stress the importance of providing a fair warning to the world in a language that the world will understand.

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The XRP community has been waiting for a positive outcome to the ongoing lawsuit, which can also define a major victory if the court favors Ripple.