Ripple Vs SEC Update: Lawyers Reveal How SEC’s Reply Impact Final Decision
Release: 2024/07/04 17:01 Reading: 316
- Original author：Coingape News Media
- Original source：https://coingape.com/?p=205834
Ripple Vs SEC Update: SEC Response Challenges Ripple's Arguments
In a significant development in the ongoing legal battle between Ripple and the SEC, the SEC's recent filing has ignited further controversy.
In its previous filing, Ripple cited a recent court ruling involving Binance to support its argument against the SEC's proposed penalties. However, the SEC has filed a response, dismissing Ripple's reliance on this ruling as irrelevant to the current case.
The SEC's response criticizes Ripple's attempt to use the Binance decision to justify reduced penalties. The SEC argues that Ripple's conduct and the context of the Binance case are distinct. Additionally, the SEC maintains that Ripple's assertion that the Binance ruling supports its position lacks merit, stating that the court's comments on the SEC's litigation strategy in the Binance case do not justify reduced penalties for Ripple.
The SEC emphasizes that Ripple acted with "reckless disregard for the law" and that the Binance ruling does not mitigate Ripple's violations. Crypto lawyer Bill Morgan has commented on the SEC's apparent frustration, suggesting that its language indicates displeasure with the Binance decision being used against them. Morgan notes that the SEC often dismisses decisions it dislikes as "not an authority."
The SEC's latest filing also highlights that, contrary to Ripple's claims, the court in the Binance case dismissed the fair notice defense, similar to what occurred in Ripple's case. The SEC points out that the Binance ruling found the fair notice argument unconvincing, underlining that the digital asset industry had been on notice since the SEC's 2017 DAO Report.
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