In a tweet, James K. Filan shared the latest update on Ripple’s legal dispute with the SEC. The regulator has responded to the Ripple defendants’ requests requesting extra authority from the Bittner and Voyager proceedings.
Ripple submitted a Letter Notice of Additional Authorities on March 20 to bolster its fair notice defense. According to the SEC’s response, “the letter set forth stray remarks, lines from Justice Gorsuch’s concurring opinion in the Bittner case and a bankruptcy plan confirmation order from the Voyager case.” It added that the defendants contend that the excerpts support their “fair notice” defense.
#XRPCommunity #SECGov v. #Ripple #XRP The SEC has filed its response to the Ripple Defendants’ Letters regarding Supplemental Authority from the Bittner and Voyager cases. pic.twitter.com/zVbPGbmMq0
— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) March 23, 2023
The SEC disagrees and adds that it provides no grounds for denying the SEC’s petition for summary judgment. It goes on to say that neither ruling involves a “fair notice” defense. The SEC highlighted Bittner in connection with the Bank Secrecy Act (“BSA”) requirement that persons file an annual report outlining details about certain overseas bank accounts.
I think these are two cases that are bad for the SEC and this reply negates the Bittner decision a little but doesn’t take away much bite from the Voyage judge’s ruling.
But it’s all FND stuff..
— Jeremy Hogan (@attorneyjeremy1) March 23, 2023
Jeremy Hogan, a pro-Ripple lawyer, turned to Twitter to express his thoughts on the SEC’s response: “(Finally) the SEC responds to Ripple’s extra authority,” he stated. “Although it makes legitimate arguments regarding the Bittner case,” he continued, “its attempt to argue that the Voyager judge did not state that the crypto space faces obvious uncertainty is smirkable.” Hogan adds, “I think these are two cases that are bad for the SEC, and this reply negates the Bittner decision a little but doesn’t take away much bite from the Voyage judge’s ruling. That Voyager order is really good for Ripple.”
According to Eleanor Terrett’s Fox Business report, the legal fight between Ripple and the SEC may be coming to an end shortly. According to the report, attorneys working on the case believe Judge Torres will rule on summary judgment requests in the coming days.
Ripple or the SEC may emerge victorious. Another possibility is that the court will order the case to be tried. Three probable possibilities were emphasized in the article. In a recent CNBC interview, Ripple President Monica Long claimed that the business was optimistic about obtaining a favorable conclusion in the SEC case.
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