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US SEC Claims Supreme Court Ruling Won’t Help Ripple; What’s Next?

US SEC Claims Supreme Court Ruling Won’t Help Ripple; What’s Next? WikiBit 2023-03-24 15:29

The outcome of Ripple's recent legal submissions in the XRP lawsuit could prove crucial in obtaining a Summary Judgment in its favor.

The U.S. Securities and Exchange Commission (SEC) has responded to the letters filed by Ripple Defendants in the District Court, regarding the Supplemental Authority from the Bittner and Voyager cases. Ripple's latest filings in the XRP lawsuit are anticipated to be significant in securing a Summary Judgment in its favor.

US SEC Rejects Ripples Attempt To Secure Ruling

In response to the Ripple Defendants' letters filed in the District Court, the US Securities and Exchange Commission (SEC) has filed a reply regarding Supplemental Authority from the Bittner and Voyager cases. The agency stated that these cases do not provide any basis to deny their motion for Summary Judgment and neither includes a fair notice defense.

The SEC emphasized that the Supreme Court's decision in the Bittner case is not relevant to the fair notice defense being invoked by Ripple and Defendants to avoid liability in the civil action. The commission pointed out that the rule of lenity mentioned in the Bittner case is not applicable to the civil enforcement context.

The US SEC pointed out that the lenity principle cited in the Bittner case only applies in cases where a criminal statute contains a “grievous ambiguity or uncertainty.” Furthermore, the commission reinforced its argument by stating that it has consistently provided guidance that crypto asset offerings violate Section 5 of the Securities Act if they involve the offer and sale of an investment contract.

Regarding the Voyager ruling by the Supreme Court, the US SEC stated that it would not assist Ripple's case, as the ruling pertained to a bankruptcy plan for the possible sale of crypto assets to another company.

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