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- It’s been quite some time since the controversy between the SEC and Ripple arose, and recently the case has moved forward.
- The San-Francisco-based payments company is firm at arguing that SEC did not give Ripple adequate notice that it considered XRP a security.
- This case taking a new turn resulted in XRP’s price witnessing a surge of over 15%.
The crypto asset XRP is witnessing a surge after a federal judge adjudicated that Ripple can go ahead with one of its central arguments against the U.S. Securities and Exchange Commission (SEC).
The court documents signify that Judge Analisa Torres has turned down the motion by SEC to strike Ripple from using a Fair Notice Defence.
This SEC Vs. Ripple’s lawsuit has been in limelight for quite some time now. And the Payments Company has been arguing about SEC not giving Ripple a proper notice that it considered XRP to be a security.
According to Ripple’s General Counsel, Stuart Alderoty, who recently appeared in an interview, the order signifies the validity of Ripple’s argument. Today’s order confirms that there is a crucial question if the SEC ever provided Ripple with a fair notice that its distributions of XRP since the year 2013 would ever be prohibited under the securities law. And that they will continue to fight hard in defending the case so that the industry can have the required clarity it deserves to move forward and thrive.
At the same time, XRP has spiked around 17% in the last twenty-four hours. Earlier, the price was swinging somewhere around $0.72 and $0.77. At the time of writing, the price of XRP is $0.81.
Furthermore, Judge Analisa Torres has refused the motion to dismiss the SEC’s individual charges against CEO Brad Garlinghouse and the co-founder Chris Larsen.
Ripple CEO Brad Garlinghouse further Tweeted that while they would have preferred the cases against him and Larsen to end now, the court has decided to make the SEC prove its claims. And they are confident that eventually, all of the SEC’s claims would be dismissed.
Although this Ripple Vs. SEC lawsuit update is not exactly conclusive of anything, and it has significantly resulted in the price surge for XRP. But it is to look forward to what the future might bring and when the case finally witnesses a settlement.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
