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, and fresh developments could change the outcome.
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In one of the latest developments, the SEC legal team has written an interesting letter in the Ripple case.
SEC highlights the weakness of Fair Notice Defense in the letter
In the latest letter written by the SEC to Judge Torres, the SEC submits the notice of supplemental authority in further support of its pending motion for summary judgment.
The Securities and Exchange Commission (SEC) informed the United States District Judge of its decision in the case against Commonwealth Equity Services, which pertained to allegations of disclosure violations.
The SEC mentioned in the letter: “The Commonwealth decision’s holding that longstanding Supreme Court precedent can provide fair notice is identical to the SEC’s position in this case: that Howey and its progeny provided defendants with sufficient fair notice to defeat their constitutional defense.”
The letter from the SEC is convincing and serves as an important reminder that the fair notice defense may not always hold up and that individuals should not use a lack of knowledge about the law as an excuse. It is unclear at the moment as to what impact it could have on the Ripple v. SEC decision.