Is It Now Or Never For Ripple In Its Legal Tussle Against The U.S SEC?
The cryptosphere’s biggest legal brawl, “Ripple’s lawsuit” has now arrived at another leg, where the attorney’s from Ripple have filed their response to the SEC’s Notice of Supplemental Authority. A revert from Ripple’s side was much anticipated by the XRP community, which has reinforced the unity amongst the XRP army.
Ripple’s legal quagmire will now spectate another addition in the next hearing, resulting from the notice served by both plaintiffs, and defendants. While, the prolonged lawsuit continues to weigh heavier on Ripple’s side. The community receives another update to cheer for after the partnership with Palau. The update this time around is the release of NFT-Devnet by the Ripple X team.
Ripple Steps Up Against The SEC’s Brutal Stance!
We’re now about a week away from the hearing which is scheduled on the 19th of january. Attorney’s in behalf of Ripple labs have filed its response to the SEC’s Notice of Supplemental Authority regarding the SEC’s Motion to Strike the Fair Notice Defense. The document shared by James K. Filan illustrates the filing made by the defendants.
#XRPCommunity #SECGov v. #Ripple #XRP Ripple has filed its response to the SEC's Notice of Supplemental Authority regarding the SEC's Motion to Strike the Fair Notice Defense. pic.twitter.com/1QJywlLhcd— James K. Filan (@FilanLaw) January 10, 2022
Ripple in the filing cites that Fife does not support the SEC’s motion to strike Ripple’s affirmative defense. And that it lacked adequate notice that XRP was an investment contract. Further citing that the court in the Fife case came to the conclusion that it would not at the pleading stage dismiss the SEC’s pleaded complaint. Based on the due process challenge of defendants.
The attorney’s from Ripple cite that the current question before the court arises in a completely different procedural posture. Distinct from Fife, Ripple has not been relying on its fair notice defense to preclude the plaintiffs from taking the discovery and proceedings to merit adjucatice. The filing writes “ Ripple is asking it not to be precluded from presenting its legally cognizable defense on a full record”.
Ripple’s filing retaliates the filing made by the SEC dated on the 6th of January. Which employed the verdict from Fife’s case, in favor of its current battle with Ripple. As previously mentioned, the comparison is irrational, and is similar to comparing apples with oranges. Ripple wrestling back to disprove the filing made by the SEC, was the need of the hour.
Is Ripple Now Immune To The Lawsuit?
Ripple’s partnership with the Republic of Palau to develop digital currency strategy and stable coins, was overwhelming for the XRP army. In a recent update, Ripple X team has released the XLS-20 dev network – NFT-Devnet. Which has escorted faith and joy in the community.
The NFT-Devnet is now available, which makes it possible for developers to learn about the native NFT capabilities introduced with XLS-20d. And experiment with the native NFTs. The team is now welcoming developers to start building apps. While it would not directly influence the price of XRP ledger, the initiative is to be applauded, as it would escort virtues in near future.
Summing up, Ripple’s stance in its lawsuit and the voice of the XRP army have been growing fierce and louder. The fast approaching hearing is the one we are looking forward to alongside thousands of XRP enthusiasts. In contrast, Ripple’s sprawl with adoptions and developments is a delight to the community.Source