Ripple Succeeds In Stopping SEC’s Delay Tactics

By Kevin • February 25, 2022 4:18 pm • Comments

Based on recent developments regarding the SEC v. Ripple lawsuit, it appears that the SEC is looking to utilize delay tactics as more evidence emerges that will help turn the case in Ripple’s favor.

Very recently, the SEC has filed something called the ‘Sur-Sur-Reply’ regarding the motion to strike fair notice defense initiated by Ripple.

Ripple’s team of lawyers believe that the purpose of this will derail the current objective of the case and is not consistent with its prior enforcement actions it has made towards crypto.

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As a result, the new filing will likely require additional time to be processed by the court as it would contain new information or arguments that may or may not be relevant to the issues at hand.

Fortunately, the attempt has already been denied by the court.

FXstreet reports:

Proponents have reviewed the new update on the lawsuit against the payments giant Ripple and believe that the regulator is employing delay tactics. Ripple’s team of lawyers believe that the SEC is misleading the characterization of its prior enforcement actions on cryptocurrencies.

On February 10, 2022, Ripple’s team of lawyers filed a Sur-Reply on the SEC’s motion to strike the Fair Notice Affirmative Defense. The payments giant’s objective is to oppose the regulator’s inappropriate request for judicial notice.

Ripple’s response to the SEC’s actions strikes an affirmative defense alleging Ripple’s unregistered offers and sale of digital assets, not amounting to fraud.

James Filan, a defense lawyer and Ripple proponent, recently tweeted about Ripple’s response to the SEC’s update on the lawsuit.

Ripple’s team of lawyers filed a response to the SEC’s update within hours. The filing was expected to delay the outcome of the SEC vs. Ripple case; however, the regulator attempted to introduce new material and an argument based on a pre-decided case.

Influential members of the XRP community commented on this recent development with mixed response with some being annoyed and others seeing this as not a big deal.

John Deaton, the attorney that is currently representing 65,000 XRP holders, believes that this should be a minor issue and that he sees this as the SEC just wanting to add some additional information based on the decision that came out earlier in the month.

As a result, the decision for this is largely irrelevant to the current case and will likely not affect the outcome of Ripple’s case against the SEC.

FinanceFeeds shares:

“This isn’t a big deal. The SEC wants to write another paragraph or two based on this LBRY case decision that came out Feb 7.

Even if Judge Torres denies the request, the SEC brought the case to her attention by this letter. This LBRY decision has little to zero impact”, said John Deaton, representing 65,000 XRP Holders as Amicus Curiae in the SEC v. Ripple lawsuit.

“The decision from the LBRY case that the SEC submitted to the Court is irrelevant to the Ripple case”, said attorney James K. Filan.

Attorney Jeremy Hogan pointed out that “LBRY actually asserted a Fair Notice Defense and not only did it not get stricken, the SEC didn’t even TRY and strike it.

So, how a trial-level court striking a completely different affirmative defense in that case is relevant…I don’t understand.

As a result, the move by the SEC has been shot down.

Based on the developments so far, Ripple currently has a major advantage based on the recent documents that were unsealed that indicated that Ripple had taken precaution and was given legal advice on ensuring XRP was not considered a security.

At the time of writing, XRP has a total market cap of $35 billion and is ranked the 6th largest coin according to CoinMarketCap.

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