Ripple Labs recently submitted a notice of supplemental authority to bolster its defense in the ongoing legal battle with the Securities and Exchange Commission (SEC). This submission was made to the United States District Court for the Southern District of New York in response to the SEC\u2019s motion seeking remedies and final judgment.<\/p>\n
The crux of Ripple\u2019s defense relies on a recent ruling from the US District Court for the District of Columbia in the SEC v. Binance Holdings, Ltd. case. The decision, issued on June 28, 2024, partially upheld and partially dismissed SEC\u2019s claims that Binance sold unregistered securities.<\/p>\n
The court found that there wasn\u2019t enough evidence to classify secondary market transactions of BNB tokens on crypto exchanges as securities transactions. Ripple points to this ruling as a crucial reference, highlighting its relevance due to its similarities with their ongoing legal dispute.<\/p>\n
Referencing the Binance case, Ripple\u2019s legal team emphasizes a key observation made by the court: \u201cIntangible digital assets do not neatly fit into traditional securities law frameworks.\u201d This underscores the challenge of applying existing securities regulations to new-age digital assets.<\/p>\n
Additionally, Ripple critiques the SEC\u2019s segmented approach to litigation, noting that overseeing the industry through a case-by-case strategy may lead to inconsistent outcomes and lack of clear guidance for stakeholders. This echoes broader concerns in the cryptocurrency sector regarding the SEC\u2019s regulatory tactics.<\/p>\n
Ripple insists on the importance of judicial clarity regarding the legality of XRP sales, citing the previous summary judgment. The company advocates for regulatory certainty, asserting its significance not only for Ripple but for the broader cryptocurrency market. They argue that clear regulations prior to the court ruling supported their stance against severe penalties.<\/p>\n
The filing also delves into the alleged violations by Ripple, contending that the absence of recklessness on Ripple\u2019s part should mitigate the severity of proposed remedies. The company\u2019s lawyers argue that the lack of regulatory clarity prior to the ruling undermines the SEC\u2019s strict liability violation claims against Ripple.<\/p>\n
This notice was submitted by Ripple Labs\u2019 legal counsels, Michael K. Kellogg of Kellogg, Hansen, Todd, Figel, & Frederick PLLC, and Debevoise & Plimpton LLP. The submission seeks to counter the SEC\u2019s recent motions and reaffirm Ripple\u2019s broader arguments regarding the application of securities laws to cryptocurrency transactions\u2014a topic of ongoing legal and regulatory debates as digital assets challenge conventional frameworks.<\/p>\n
As of now, XRP is trading at $0.47979.<\/p>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
Ripple Labs recently submitted a notice of supplemental authority to bolster its defense in the ongoing legal battle with the Securities and Exchange Commission (SEC). This submission was made to the United States District Court for the Southern District of New York in response to the SEC\u2019s motion seeking remedies and final judgment. Ripple Draws […]<\/p>\n","protected":false},"author":1,"featured_media":15036,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"slim_seo":{"title":"Ripple Labs Strengthens Legal Defense Against SEC with New Filing - Bitrabo","description":"Ripple Labs recently submitted a notice of supplemental authority to bolster its defense in the ongoing legal battle with the Securities and Exchange Commission"},"footnotes":""},"categories":[316],"tags":[796,1587,4631,5672,575,520,5673,5671],"class_list":["post-15035","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","tag-case","tag-defense","tag-intensifies","tag-new-submission","tag-ripple","tag-sec","tag-sec-case","tag-submission"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts\/15035","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/comments?post=15035"}],"version-history":[{"count":0,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts\/15035\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/media\/15036"}],"wp:attachment":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/media?parent=15035"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/categories?post=15035"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/tags?post=15035"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}